JOSEPH DAVID (GM FINANCE) (286 Points)
05 December 2009Can a listed company pass Section 293(1)(a) resolution i.e., sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking, in the AGM/EGM of shareholders without going through postal ballot?
Is it postal ballot mandatory in case of list companies for 293(1) (a) resolution
regards
Joseph david
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 05 December 2009
Hi,
Postal ballot is mandatory for a listed company only in case of sale of whole or substantially the whole of the undertaking of the company.
For lease or otherwise dispose of the whole or substantially the whole of the undertaking of the company Postal ballot is not mandatory for a listed company.
Reason behind my interpretation is == only “sale” word is covered by Postal Ballot Rules, 2001.
Best Regards
CAclubindia
