Is mortgage possible
Gopal Ranjan Panigrahi
(Querist) 04 February 2012
This query is : Resolved
Sir,
X being a pvt ltd company purchased land in its name through director from villagers through registered sale deed and later run a Company thereon and got its name recorded in name of Company through such Director in revenue records
Later the X company (without any change of name) was taken over by another Director through purchase of share and such Director got its name recorded in Form 32 of Registrar of Companies.But had not changed the Directors nae in revenue records .
My query is
i) Is such above transfer
ii) Can the property purchased through registered sale deed in name of X Company (though Director changed) be kept as kept as mortgage with Bank, Whether any additions precaution to be taken
Thanking You
Sailesh Kumar Shah
(Expert) 04 February 2012
There is no irregularity. On further transaction, there would be no problem in mortgage with bank.
Raj Kumar Makkad
(Expert) 04 February 2012
Company though is a juristic person but it has to work through directors. Once old director removed, automatically all powers in all papers remain vested in company though another person.
