Section 141 : Acquisition or sale of property

1) A public company or its subsidiary company shall, if the purchase or sale of any property by it results in the following situation, give information thereof to the Office:

(a) If the purchase of any property results in an increase in the value of its property or the value of consolidated property mentioned in the audited latest annual financial statement, by more than fifteen per cent;

(b) If the income to be earned from the property sold or intended to be sold exceeds by more than fifteen per cent of the consolidated income before making payment for tax as mentioned in the audited latest books of account of the company.

2) Any information to be given to the Office pursuant to Subsection( 1) shall set out the following matters; and where such matters are also applicable in the case of transaction of the company, such matters shall also be stated in the report of board of directors:

(a) Date of, and parties involved in, the transaction;

(b) Details about the nature of property, and if that property includes, wholly or partly, any shares issued by any other company, the name of company issuing such shares and the nature of business to be carried on by that company;

(c) Value of the transaction , and other terms and conditions of the transaction;

(d) The ground pursued for the valuation of property, while buying or selling any property;

(e) In the event of sale of any property, matter whether the proceeds of such sale is more or less than the book value of such property as shown in the records thereof.