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How to convert company's property in the name of director
11-Oct-2023 (In Property Law)
We have land on the name of an PVT. LTD. company. The directors are son and mother. We want to transfer the property to the 2 directors. Can we transfer directly or do we have to execute an sale agreement. IF no sale agreement what is the procedure for transfer. ON the 7/12 extract name of both directors is present.
As individual names of directors are preasent on 7/12 they can directly transfer the land by registering before sub registerar of assurance of the place having jurisdiction cheak whether they not created any charge on property
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Adv. Wasim Shaikh
Nashik | 25+ Answers
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Company is a distinct legal entity. If property is in the name of a Private Limited Company the same cannot be transferred with approving the same in Board Meeting and Shareholders Meeting and it will be considered as a related party transaction. Hence, you need to execute Sale Agreement and proper stamp duty as required under law needs to be paid and the same also require to be registered. Also note that, Directors require to pay the amount to the Company for purchase of property as per market value.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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