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    Sharing profit Between promoters and directors out of sale proceeds of assets

    Posted By : Shreya Maheshwari / Published on : 22-Jul-2019 01:06 PM / View : 449 / Comment : 0

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    Dear Members,

    A Company was taken over by Foreign Company during FY 2018-19, While in process It has instructed promoter Directors of the Indian company to sell out certain assets of the company and out of such sale proceeds share the profits among promoter directors as an incentive.

    After the sale, it has transferred the incentives to Promoter Directors on 2 different dates.

    But there is no approval of Board or Shareholders. Book entries have been made and the Company has transferred the funds.

    Further, the company made profits during such financial year.

    Please suggest, which meetings to be passed to record the aforesaid transaction
    Read more on : sale proceeds assets directors promoters profit between sharing

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