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[Cites 0, Cited by 0] [Section 494(1)] [Section 494] [Entire Act]

Union of India - Subsection

Section 494(1)(b) in The Companies Act, 1956

(b)the whole or any part of its business or property is proposed to be transferred or sold to another company, whether a company within the meaning of this Act or not (in this section called "the transferee company"), the Liquidator of the transferor company may, with the sanction of a special resolution of that company conferring on the Liquidator either a general authority or an authority in respect of any particular arrangement,-
(i)receive, by way of compensation or part compensation for the transfer or sale, shares, policies, or other like interest in the transferee company, for distribution among the members of the transferor company; or
(ii)enter into any other arrangement whereby the members of the transferor company may, in lieu of receiving cash, shares, policies, or other like interests or in addition thereto, participate in the profits of, or receive any other benefit from, the transferee company.