ABHISHEK JAIN (SERVICE) 16 April 2009
As per section 63-1A of the Bombay tenancy and Agricultural Lands Act, 1948, it shall be lawful for a person to sell and, and without permission to the Collector, TO ANY PERSON who is or is not an agriculturist and who intends to convert the same to bona fide industrial use..............
My query is that does this section allows an indivitual to sell his agriculture land to a Company?
If yes, what formalities to be complied with under the Companies Act, 1956 and the other Lands act?
Guest (Guest) 16 April 2009
As far as CA 1956 is concerned u just need to authorize the Board to purchase this land etc. Make sure the transaction does not fall within the ambit of related party transaction/interested Directors. In that case, necessary disclosure is to b made before the BoD.
However even i have a doubt whethre Agri. Land can b sold for Industrial use such easily. Bcoz what i understand here is that in that case u will have to pay some Fees to take it in an Industrail Uses. I m not sure on that though and seek others views as well. However Comp. Act view would b helpful to u. Regards,
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