If the company sells 25% of one of its units undertaking is it necessary to conduct postal ballot under sec 293 (1) (a)?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 12 March 2010
Hello,
Yes approval of share holders by ordinary resolution is very much required in your case u/s 293(1)(a).
But this approval through Postal Ballot is mandatory only if your company is a Listed Company.
If your company is not a listed company then there is no need to go for Postal Ballot. You may pass the resolution by holding physical general meeting.
Revert if there is any doubt.
Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 12 March 2010
Next time I would request you to please post these kind of queries in the corporate law forum for quick response.
Regards
CAclubindia
