sale of pvt ltd co land in up
Sundeep Seth
(Querist) 02 June 2016
This query is : Resolved
Our pvt Ltd co consists of 4 group each having 25% share per group we propose to sell a land out of which 25% one group case is going on at present there are 4 directors and all are signatory of the co willing to sell the we have 50% share holding can we go through the sale pro ceeding
Sundeep Seth
(Querist) 02 June 2016
Please answer to my question
r.sathyanarayanan
(Expert) 03 June 2016
The share is undivided and case is also going on.in the said circumstances you can not sell the land without the permission of the court.
H.M.Patnaik
(Expert) 03 June 2016
I understand from the above postings, that it's a Pvt.ltd. co. having four Directors and some litigation is going on between the Directors( Share holders) .% of the share holder i.e. two Directors wish to transfer ownership of a land ownership of which lies with the Pvt. Ltd. Company.
If I am correct, for transfer of title of company asset , a Board meeting is to be convened and the agenda reg. Sale of land to be discussed, if majority decision in the said meeting is in favour of the proposal and the land is free from any encumbrance, then only the sale deed can be registered.
Rajendra K Goyal
(Expert) 09 June 2016
Facts not clear, discuss with local lawyer and show him all related documents.
