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Legal Binding between Individual and Company
09-Apr-2023 (In Property Law)
One of the Director in "Eterno Housing PVT LTD" as Part A . Another party as Part B Equal Shares : Part A (25%) and Part B (75%). Part A has Invested the money to Plot purchase with Part B and made an MOU CUM Agreement for only plot . We all planned to build a Multiple Dwelling Unit in 3000 sq ft Plot in Bangalore and Purchased a plot with 2 Individuals names . Now Part A and B decided to give Construction and flat unit sales to Eterno Housing PVT LTD. All the transaction must happen from Eterno and after the flat sales along with Taxation. Auditors are telling, Property title must be with Eterno name for selling lands to show the taxation but currently it's in name of Part B name. What is the legal binding document can be done?
Part A & B are the joint owners of the plot. Now if Eterno Housing (P) Ltd., wants to develop or enter into sale and construction with prospective buyers, it must own the plot.
Both Part A & B are the directors of the company Eterno Housing (P) Ltd., they both can include their individual joint plot which they own currently into the Capital of the company. The Memorandum of Association can describe this contribution of property as their capital investment into the capital of the company. By doing this the company then becomes the absolute owner, and thus fulfills the mode prescribed by the auditors.
Both Part A & B are the directors of the company Eterno Housing (P) Ltd., they both can include their individual joint plot which they own currently into the Capital of the company. The Memorandum of Association can describe this contribution of property as their capital investment into the capital of the company. By doing this the company then becomes the absolute owner, and thus fulfills the mode prescribed by the auditors.
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Adv. Kiran N Murthy
Bangalore | 100+ Answers
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