First, the multisign wallet has a number of tokens which I want to transfer to another Multisig wallet. Is it possible? If yes then how?
Theoretically, it is possible, yes, but it depends on which multisig wallet contract you are using.
Not all mutlisig wallets support ERC20 transfers. Here's an example of one that does support ERC20: https://github.com/BitGo/eth-multisig-v2
Basically, what has to happen is that wallet contract needs to call the token contract to transfer tokens to another address.