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Transfer of director asset to company

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(Querist)
09 May 2015 Director having one lorry
he want to transfer the asset to company what is the procedure ? how to account for
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Pratik Shah

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Pratik Shah (Expert)
11 May 2015 You mean to say, the Director wants to transfer his ownership of this lorry to company?

If yes, then there shall be one Agreement to be executed between Company and the Director e.g. Purchase Agreement, Acquiring Agreeement.

Since this is a related party transaction, you need to comply with the provisions of Section 188 and Section 180 of Companies Act, 2013, wherever applicable.
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