Liquidation means turning fastened belongings into liquid belongings, particularly into cash. Thus an proprietor selling his or her enterprise for cash as a going concern is technically liquidating it—however in ordinary parlance the time period is utilized solely to a scenario where a enterprise is closed and all of its property are sold.
As per part 166 of the Companies Act, an organization isn’t bound to carry any general conferences until the first Annual General Meeting is held. The board of directors must forward a statutory report to each member of the company. If any decision is needed to be passed based on the matters discussed in the statutory meeting, it should be passed at an adjourning assembly to go in accordance with the regulation. The statuary assembly supplies an exception in the rule that solely unfinished business on the authentic meeting should be carried out at the … Read More