Sale of immovable property by Private Limited Company
My query is, "Shall passing of Ordinary Resolution is sufficient in case of selling of immovable property by Private Limited Company or Special Resolution shall be required for the same under the Companies Act, 2013." "Also what are the other governing provisions for sale of immovable property by Private Limited Company under the Companies Act, 2013."
no restriction in sale of immovable property - restricion only on sale of undertaking
Meaning of ‘substantially the whole of the undertaking - “Substantially the whole of the under¬taking” in any financial year shall mean 20% or more of the value of the undertaking as per the audited balance sheet of the preceding financial year - Explanation (ii) to section 180(1)(a) of Companies Act, 2013.
This restriction not applicable to [private company and hence no resolution required - but if some outside members are there, it may be advisable to get such resolution passed though not legally required
V S Datey