https://www.taxtmi.com/caselaws?id=102582 Validity of a pre-winding-up sale of company land depended on the managing director's authority and the timing of the transaction. The memorandum and articles permitted land purchase and sale as part of the company's business and conferred broad management powers on the managing director; absent evidence of board-imposed restrictions, those powers extended to disposal of immovable property. Because the sale deed was executed and registered before presentation of the winding-up petition, the requirement for court leave for post-commencement sales did not apply. The land was therefore validly transferred and did not form part of the company's assets on presentation of the winding-up petition. en-us Thu, 12 May 1994 00:00:00 +0530 Wed, 15 Feb 2012 13:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102582 Validity of a pre-winding-up sale of company land depended on the managing director's authority and the timing of the transaction. The memorandum and articles permitted land purchase and sale as part of the company's business and conferred broad management powers on the managing director; absent evidence of board-imposed restrictions, those powers extended to disposal of immovable property. Because the sale deed was executed and registered before presentation of the winding-up petition, the requirement for court leave for post-commencement sales did not apply. The land was therefore validly transferred and did not form part of the company's assets on presentation of the winding-up petition. Case-Laws Companies Law Thu, 12 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102582