Exception to Passing the Resolution by Postal ballot only

By | November 3, 2015
(Last Updated On: November 3, 2015)

Rule regarding postal ballot specifically provides for passing of resolution under section 180(1)(a) by way of postal ballot only, still many listed companies are passing the same in the annual general meetings, is there any exception available to that?

Answer: According to companies act 2013 section 180(1)(a) that relates to selling, leasing or otherwise disposing off the whole or substantially the whole of the undertaking while section 110 read with Rule 22(16)(i) of Companies (Management and Administration) Rule, 2014 relates to only “Sale” of the whole or substantially the whole of the undertaking. So these listed companies are passing resolution under section 180(1)(a) for creation of charge / mortgage on the assets of the company and not for sale of an undertaking.

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