Company law

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Manisha Singh (Querist)
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22 November 2013 urgent case... please help.
there is a company say XYZ LTD.
A PLANT is goin to be established in UP, in order to escape the stamp duty, the company wants to make punit,the ownwer of land as director....
given tht,its his land he wil hold majority shareholding.
Now the company has a fear, what if punit takes away tht plant away from them... please suggest appropiate solution followed by the company in order to save the plant from being taken away by punit in future.....???

thank you for ur help. please reply as soon as possible.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 November 2013 If owner is punit then it will be reg in his name then co cannot be called legal owner of such plant and in such case later punit can take it away.

it should be purchased in collective names of all directors and director must give gift it to company.

Manisha Singh

Manisha Singh (Querist)
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27 November 2013 but in such case if the land is purchased in collective names....then i guess we have to pay stamp duty... our point is we have to escape this stamp duty which is goin to cost us more n on tht land we hv to establish a pvt.co.

Manisha Singh

Manisha Singh (Querist)
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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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28 November 2013 either of the thing is possible and not both....either if u want in co name then have to pay stamp duty...or if u reg in others name and save duty then it cant be in com name as simple as that and there is no other way out except taking it on lease....

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