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vishal (proprietor)     27 March 2011

can a pvt ltd co. give land to its shareholder in compromise

DEAR FRRIENDS,

THERE HAS BEEN A LONG LITIGATION GOING ON BETWEEN ONE OF THE SHAREHOLDERS OF THE PRIVATE COMPANY  INCORPORATED UNDER THE COMPANIES ACT 1956. THE COMPANY BOARD AND ALL THE SHARE HOLDERS  OF THE COMPANY ARE OF THE OPINION TO END THE LITIGATION WITH THE LITGATING SHARE HOLDER AND IN COMPROMISE THE LITIGATING SHAREHODER WANTS A PORTION OF LAND OF THE COMPANY. MY QUESTION IS CAN A COMPANY GIVE LAND TO THE SHAREHOLDER IN FORM OF A COMPROMISE AND IS IT LEGALLY ACCEPTABLE .



Learning

 4 Replies

adv. rajeev ( rajoo ) (practicing advocate)     27 March 2011

It is to be decided in the co's meeting.  It can be handed over but shareholders approval is necessary

bhagwat patil (Property due diligence 9422773303)     31 March 2011

The govt. dues if any the charge will go along with land.though ithe resolution  is passed in AGM. check the chages of DII also to ROC.

Abinash panda (ca)     31 March 2011

no ,co. Can't give land,because fixed asset not for normal course of business,but in case of w/f of company only its possible.

SACHIN AGARWAL (ADVOCATE)     20 April 2011

Goof advice by Advocate Rajoo.


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