https://www.taxtmi.com/circulars?id=10795 The Department clarifies that not all mortgages constitute a disposal of property triggering the statutory restriction: property not integral to the company's undertaking and not affecting business will not be treated as the undertaking. Mortgages that convey the charged property to the mortgagee (subject to equity of redemption) or usufructuary mortgages transferring effective control or possession should be deemed disposals and may attract the restriction, whereas assignable mortgages of the whole or substantially the whole undertaking do not necessarily engage it. en-us Fri, 31 Jul 1970 00:00:00 +0530 Fri, 17 Jun 2011 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10795 The Department clarifies that not all mortgages constitute a disposal of property triggering the statutory restriction: property not integral to the company's undertaking and not affecting business will not be treated as the undertaking. Mortgages that convey the charged property to the mortgagee (subject to equity of redemption) or usufructuary mortgages transferring effective control or possession should be deemed disposals and may attract the restriction, whereas assignable mortgages of the whole or substantially the whole undertaking do not necessarily engage it. Circulars Companies Law Fri, 31 Jul 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10795