Section 192 of CA 2013 : Section 192: Restriction On Non-Cash Transactions Involving Directors

CA 2013

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Explanation using Example

Imagine a company called "Tech Innovations Ltd." where Mr. Smith is a director. Mr. Smith owns a patent that Tech Innovations Ltd. is interested in acquiring. According to Section 192 of The Companies Act, 2013, Tech Innovations Ltd. cannot simply acquire this patent from Mr. Smith in exchange for shares in the company (consideration other than cash) without following a certain process.

First, Tech Innovations Ltd. must call a general meeting of its shareholders to get their approval. Th...

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