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Car of the company

CA Tanvi Sheth (Consultant) (232 Points)

30 March 2017

Is it mandatory to register car of the company in name of the company or it can either be registered in name of the director?

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7 Replies

CA. Kasi Reddy Nallappa Reddy (Chartered Accountant) (153 Points)
Replied 30 March 2017

Directors are agents of the company, agents may not hold the ownership of the principle

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(Guest)

in the name of company if want to claim depreciation and petrol fuel expense claim

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harshil (no) (36 Points)
Replied 31 March 2017

All investment made or held by a co. in any property, security or other asset shall be made and held by it in its own name u/s 187 of Companies Act, 2013.

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harshil (no) (36 Points)
Replied 31 March 2017

CA Tanvi Sheth (Consultant) (232 Points)
Replied 31 March 2017

I too had an understanding that as per Section 187 Fixed Assets should be in name of the company but Sec 187 is mostly related to investment and specifically if we talk about car the Section can be construed as not related to Fixed Assets, it only relates to ' Investments'. So can anyone please elaborate on the Section which highlights that the Tangible asset of a company should be in name of the Company?