What are the companies act provision applicable on Inter Se Promoter Transfer

[Guest]

Hello,

Can anybody tell me if my company's one promoter whose holding is 29.07% is going to sell their entire holding to another promoter whose holding is 29.08%, then it is necessary to held AGM/EGM for doing this kind of transactions or only BM is sufficient under companies act 2013 and what are the other sections levied on this transaction under companies act, 2013???

AI Summary

Promoter Stake Sale: Is AGM, EGM, or Board Meeting Needed Under Companies Act 2013? Consult SEBI and Experts. A user inquired about the necessary procedures under the Companies Act, 2013, for a transaction where one promoter with a 29.07% holding sells their entire stake to another promoter with a 29.08% holding. The user asked whether an Annual General Meeting (AGM) or Extraordinary General Meeting (EGM) is required, or if a Board Meeting (BM) suffices. The response advised that SEBI regulations apply and recommended consulting a Practising Company Secretary for further guidance.