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lease to a farm

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(Querist)
07 February 2009 can a company transfer agriculture land under lease to a farm in which all directors are partner?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
07 February 2009 It depends on the status of the company ie wheter public or private and if is public whether the paid up capital is more than one crore. If you could provide these details then the correct answer can be given.
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CA Sanat Pyne

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CA Sanat Pyne (Querist)
10 February 2009 it is a pvt ltd company and sharev capital is Rs.1 crore



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CS Mukesh Arora

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CS Mukesh Arora (Expert)
26 March 2009 Yes, provided the Board resolution is approved by the general meeting, since all the directors are interested in the resolution

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