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of <h1>Revised Interpretation of Section 293(1)(a): Essential Business Property Mortgages Must Comply; Previous Circulars Canceled.</h1> The Department has revisited the interpretation of section 293(1)(a) concerning the disposal of company property and the board's powers. Previous circulars issued on 19-2-1969, 5-9-1969, and 12-1-1970 have been reconsidered and are now canceled. The Mysore High Court's ruling in International Cotton Corporation (P.) Ltd v. Bank of Maharashtra clarified that property not essential to a company's business does not constitute an undertaking under section 293(1)(a). Mortgages involving essential business properties require compliance with this section, except for simple and title deed deposit mortgages.
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