Section 293(1)(a) uses the language 'whole, or substantially the whole, of the undertaking of the company'. I wanted to know what is the meaning of 'substantially the whole of the undertaking'. Does it mean the corresponding value of the asset which is being disposed off should be more than 50% of the value of the total fixed assets?
Also, if a company keeps its properties as equitable mortgage with a bank in order to provide corporate guarantee to another company, will Section 293(1)(a) be attracted?
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