Sale of moveable property to the company by a director

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tinku (Querist)

05 February 2012 I wish to know the procedure by which a director can transfer/sale a truck which has been brought in her name to the comapany.Can it been done through a sales deed, then how and if not then how to proceed further.

Thanking you in advance
Tinku

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)

06 February 2012 Hi,
You have not mentioned the status of the co.(whether pvt. Or public) or it’s paid up capital structure.

Any way , please comply with the provisions of section 297 and pass board resolutions.

Also comply with the provisions of sec.299(disclosures of interest by directors) & 300. S. 300 not applicable to pvt. Ltd. Co.

Thanks,

tinku

tinku (Querist)

09 February 2012 hello thank you so much.
our is a private limited company.
should i take the note that there is no need to draft any sales deed in the case

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)

09 February 2012 My opinion was based Company Law point of view.

Apart that you also need to prepare the sales deed to complete the transction.

Thanks,

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