Dear all, What is proceedure that a company has to follow if it wants to pursue a bussines which falls in the category of THE ANCILIARY OR INCIDENTAL OBJECT CLAUSES in its MOA
Regards,
Sagnik Sanyal
Sagnik (Management Trainee) 02 May 2012
Dear all, What is proceedure that a company has to follow if it wants to pursue a bussines which falls in the category of THE ANCILIARY OR INCIDENTAL OBJECT CLAUSES in its MOA
Regards,
Sagnik Sanyal
DR.VEDULA GOPINATH (ADVOCATE AND CORPORAE ADVISOR) 02 May 2012
if a company wish to purusue anciliary or incident objectives of MOA, the company is required to pass one shareholders resolution before commencing such business.
This will enable the company to puruse new business which is not germane to the present business.
If it is a listed company and financed by institutions and banks, stock exchanges and banks prior approval is also necessary as per the loan agreement terms and listing agreement terms.
subject to the above, the company can commence the new business.
dr.vedula gopinath corpoate lawyer vgopinath2@yahoo.com
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