Can a inactive pvt ltd company sale the property
Gaurav
(Querist) 09 May 2019
This query is : Resolved
HI
MY Father has a PVT LTD company 15 years back but due to financial crises it was not operated we have a land on the company name can we sale the property and get the payment on the names of Directors of company or what other options we have
KISHAN DUTT KALASKAR
(Expert) 09 May 2019
Dear Sir,
You must share entire details and first try to wind up the private limited company with some terms and conditions about its properties to be dealt with. Thereafter you can sell the land of the company as per the terms.
Please mark “LIKE” if satisfied by my answer.
kavksatyanarayana
(Expert) 09 May 2019
Yes. The Managing Director of the company shall issue notice to wind-up the company and with mutual consent of all the directors. then all the four Director shall execute Sale deed in favour of buyer.
Hemant Agarwal
(Expert) 10 May 2019
1. IF the Co. is "inactive /dormant /.... " in ROC records, THEN apply to ROC, for permission to sell the assets of the co. and undertake to activate the co., by paying penalty and by following due procedure of law.
2. IT would be highly illegal and a prosecutable to sell the property and collect sale-proceeds in the name of Directors or whosoever, BUT to the exception of and in name of co.
3. Once Land is due sold off and proceeds received in name of co., THEN file winding up proceedings, thru a registered CS, before ROC, for finality.
Keep Smiling .... Hemant Agarwal
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