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Car of the company
Is it mandatory to register car of the company in name of the company or it can either be registered in name of the director?
Replies (7)
Directors are agents of the company, agents may not hold the ownership of the principle
in the name of company if want to claim depreciation and petrol fuel expense claim
All investment made or held by a co. in any property, security or other asset shall be made and held by it in its own name u/s 187 of Companies Act, 2013.
I too had an understanding that as per Section 187 Fixed Assets should be in name of the company but Sec 187 is mostly related to investment and specifically if we talk about car the Section can be construed as not related to Fixed Assets, it only relates to ' Investments'. So can anyone please elaborate on the Section which highlights that the Tangible asset of a company should be in name of the Company?
Property includes movable as well as immovable property. Other assets includes car.
All the properties of the Company must be registered in the Name of the Company only.
Furthermore, in case of finance of Car. Charge is also to be registered also in case of public Company MGT 14 is also to be filed with ROC.
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