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What is the procedure to to buy a property from Public Limited Company


28-May-2023 (In Corporate Law)
Good afternoon Sir , thanks a lot for sharing such valuable information We are trying to buy a property from a public limited company. Company board has passed a resolution okaying the sale of the said property but it is only signed by the CS , they are advising that since this is a public listed company, only company secretary is authorised to sign They are suggesting that Sign of directors on resolution is practised in case of Pvt comapny only. This is not needed for Public limited company Is this correct ? 2) They are suggesting that the comapny AOA clearly states the properties owned by the company can be sold purchased by the company, to this effect a resolution is passed by the board Of directors and certified by CS. Shareholder resolution is not needed. You kind opinion on what should be provided by the company to make this a legally valid sale ? Do we need to mandatorily get shareholder resolution approving the sale of the
Answers (1)

Answer #1
852 votes
Hello Sir
Greetings.
I have certain queries regards to type of purchase you are undertaking (slump sale or an asset acquisition). We can discuss this in details. With reference to your query, the directors have to pass a board resolution mandatorily and the shareholders consent is dependent on the paid up capital and the turnover of the Company. These details are necessary for the query to be answered.

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