Provisions relating to directors
This query is : Resolved
29 August 2009
i need provisions relating to following situation in the companies act,1956 i.e. sec no. and also case laws if any.
situation is:
5 members have formed a private ltd company and subscribed capital. they have opened bank account for the company. they have entered into agreement with one real estate agent and transferred the funds from the company bank account for the purchase of land. Agreeement was finalised and land was purchased but it was registered in the personal names of directors instead of company name.
This is the problem now. i know it is prohibited under companies act but i do not know under what sec it was prohibited.
Please help me out to sort out this issue. suggest the ways if any to make directors come out of this issue. it would be helpful if someone can quote case laws also.
situation is:
5 members have formed a private ltd company and subscribed capital. they have opened bank account for the company. they have entered into agreement with one real estate agent and transferred the funds from the company bank account for the purchase of land. Agreeement was finalised and land was purchased but it was registered in the personal names of directors instead of company name.
This is the problem now. i know it is prohibited under companies act but i do not know under what sec it was prohibited.
Please help me out to sort out this issue. suggest the ways if any to make directors come out of this issue. it would be helpful if someone can quote case laws also.
30 August 2009
Eventhough the company has paid the money, you have to check the abstract balance sheet as on the date of transfer.
Prepare a abstract balance sheet and profit and loss account.
Based on the abstract balance sheet and profit and loss account you have to take a deecsiion.
The above situation is not at all a problem . You have to work out the strategy prudently.
After preparing the above balance sheet and P&l you can send the details to my id sahanaseena@gmail.com then i can solve the problem.
Prepare a abstract balance sheet and profit and loss account.
Based on the abstract balance sheet and profit and loss account you have to take a deecsiion.
The above situation is not at all a problem . You have to work out the strategy prudently.
After preparing the above balance sheet and P&l you can send the details to my id sahanaseena@gmail.com then i can solve the problem.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
