Transfer of property
This query is : Resolved
21 January 2013
my query is
a society registered in society registration act running a business thereafter the society converted in to a private limited company.
whether the property of the society automatically vasted in to company or some convayance deed needed for the same
the real controvercy is the society property worth about 50 carore
and the company authorised, issued and subscribed share capital is 100000=00 share of rs. 10 each only
then in the abvoe circumstances whether the property vested in the company or not??
a society registered in society registration act running a business thereafter the society converted in to a private limited company.
whether the property of the society automatically vasted in to company or some convayance deed needed for the same
the real controvercy is the society property worth about 50 carore
and the company authorised, issued and subscribed share capital is 100000=00 share of rs. 10 each only
then in the abvoe circumstances whether the property vested in the company or not??
21 January 2013
The property of the Society per se can not be automatically converted to Company's property. You need to execute the DEED accordingly. Authorised capital may NOT be a LIMITING factor for a properly purchased property.
21 January 2013
I am also of the view that the property of society either can be the property of company by registered gift deed, or any other registered conveyance deed only.
moreover when a person have money in their pocket Rs.100=00 then how he can purchase property of Rs.1000=00
moreover when a person have money in their pocket Rs.100=00 then how he can purchase property of Rs.1000=00
21 January 2013
You are thinking of 100 to 1000. There are cases of zero money and purchasing the property worth millions.
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