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X a pvt ltd company want to dispose off its 50% fixed assets consisting of Plant, furniture, building, and other movable assets, say sundry debtor to one of its director having substantial interest in the company. And this director want to run a similar unit in his proprietorship capacity with the machines and equipment taken from this pvt ltd company in which he has 90% share holding.
Please tell me whether this is feasible to split the company in such a way, and if so then kindly give the detail procedure to be followed in this regard with respect to IT act and companies Act both.
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