https://www.taxtmi.com/caselaws?id=102177 Under section 293(1)(a) of the Companies Act, 1956, "undertaking" means the business unit or going concern as a whole, not every isolated asset; a sale does not need general meeting approval unless it disposes of substantially the whole business. The Court also treated the challenge to the vessel sale for undervaluation, fraud or mala fides as unproven on the material before it, so interim restraint was unwarranted. The board resolution was not invalidated for lack of adequate notice or agenda papers where the directors knew the subject matter and the transaction had already been acted upon. en-us Fri, 22 Mar 1991 00:00:00 +0530 Mon, 13 Feb 2012 18:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102177 Under section 293(1)(a) of the Companies Act, 1956, "undertaking" means the business unit or going concern as a whole, not every isolated asset; a sale does not need general meeting approval unless it disposes of substantially the whole business. The Court also treated the challenge to the vessel sale for undervaluation, fraud or mala fides as unproven on the material before it, so interim restraint was unwarranted. The board resolution was not invalidated for lack of adequate notice or agenda papers where the directors knew the subject matter and the transaction had already been acted upon. Case-Laws Companies Law Fri, 22 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102177