Selling company asset to its directors?
This query is : Resolved
Bharath Kalyan Reddy
(Querist)
17 January 2017
Can a private limited company sell asset to its directors ? For example ABC pvt ltd company have two directors..One director wants to buy company's property and another director agreed to this sale..is it possible?
Jatin Bajaj
(Expert)
18 January 2017
According to section 192 of the companies act, director of the company or its holding , subsidiary or associate company can aquire assets from the company for consideration other than cash by passing resolution in general meeting. provided if such a director is also the director of the holding company then resolution shall also be passed by the holding company
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