The board of directors of Propel Limited, a listed company, has taken the following decisions in its recent meeting:

Sell off entire investment in Adam Limited, one of PL's most profitable associated companies at a premium of 30% above market value. For the last five year, AL has consistently been contributing 80% of PL's total income.

Purchase 70% stake in Mina Limited, listed on Pakistan Stock Exchange which is a direct competition of AL.

The Board is confident that PL is capable of successfully rebranding ML's product line and surpasses AL's market position in no time. During the Board meeting, one of the director showed his concern that if PL is not able to successfully rebrand the ML product line, it would drastically reduce PL's own operation. However, the Board remained quite and optimistic of ML's success in view of profit forecasts and management competence.

In light of the Companies Act 2017, comment on

the legal implication and procedure that BOD should follow to execute above

proposal.