How a company acquire agricultural land of it's director?
Anirudha mukkawar
(Querist) 27 August 2013
This query is : Resolved
Respected members,
If I and my father creating a company, how this company can have our agricultural land against allotment share to us.
R.K Nanda
(Expert) 27 August 2013
state full facts.
R.V.RAO
(Expert) 03 February 2014
create a private limited company with minimum 2 directors.
In a board meeting,the board of directors explain the need for acquiring the land for pursuing the objects of the company as stated in the objects clause of the memorandum of association of the company.
further they state that a suitable piece of land is readily available at a reasonable price(fixed in this meeting and recommended to shareholders) with a very good title and highly profitable for co's needs.they recommend to shareholders to acquire the director(promoter) lands for co's needs.
directors fix a date,time to hold an extra ordinary gen.meeting of shareholders ,in which shareholders also pass , preferably a special resolution with requisite majority and the spl. resolution is passed by shareholders.
file the spl. resolution in ROC.
the line is clear for acquiring promoter's lands for co.
