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Can director of a Pvt Ltd. Co. sell the business without a resolution
08-Dec-2023 (In Corporate Law)
The board of directors of a private limited company has sold the main business of their company, with out passing a resolution for selling the main business. They have not intimated or obtained the approval of the registrar of companies. Can the board of directors transfer or sell the main business of a private limited company with out passing a special resolution and intimating the registrar of companies? Is such a contract valid?
for selling a private limited company it is not necessary to obtain permission of the registrar of companies but the resolution must be passed amongst the members of the company with 3/4th majority at least and then only the managing director will be authorized to sell and if such resolution is contradictory or violate of the MOA or AOA then only it is invalid so please go through the terms and conditions of the MOA and AOA entered and see whether any violation took place in that transaction then you can challenge it before a civil court of law
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Adv. Innamuri Balasubramanyam
Rajahmundry | 500+ Answers
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