Procedure for giving back land to the directors of the co

Rajesh Kumar Agrawal (Querist) 29 July 2017 This query is : Resolved

1) A Land is purchased and registered with the Registrar of Assurances in the name of A,B and C, in 2007.
2) The above Land was transferred in the name of a Company XYZ Pvt Ltd.,in which all A, B and C are the Directors, in FY 2009-2010
3) The Company issued Equity Shares to the Directors A, B and C in FY 2009-2010 on account of sale consideration of the Land. The Land was not registered with the Registrar of Assurances, at that time in favour of the Company XYZ Pvt. Ltd., but Land was reflected in the books of Accounts of the Company as its Assets, in EY 2009-10.
4) In FY 2010-2011, the Company erected a factory building on the above Land.
5) Land and Building, both are now reflected in the Books Of Accounts of XYZ Pvt Ltd., since FY 2010-2011.
6) The Company is not running well , and the Directors have also given loan to the Company, in addition to the Capital Invested. Now the the Directors want to close the sick Co.
7) Now, Can the Company give back the land , by sale or transfer the land, so that the loan of the Directors are paid off. The Company cannot get the sale deed registered with the registrar of Assurances as already, the records of registrar of assurances and land revenue records , show A, B and C as the owners of the Land, (as the land was registered in their name with Registrar of Assurances, in EY 2007-08, at the time of purchase, and the land was not registered with the registrar in 2009-10, when the sale was executed through allotment of equity shares of the Company).

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