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General query

SUBHANKAR MULLICK (ACCOUNTANT) (103 Points)

03 April 2020

a director of a private limited company purchased land in his own name .now he wants to transfer the land to the company name . what is the procedure?

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2 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 05 April 2020

comply with Sec 192

Short Points :

1. required SR

2. valuation by Registered Valuer

3. Other formalities

Harish choursiya (Student cs professional ) (249 Points)
Replied 08 April 2020

For this transaction

1.Being the related party transaction between the company and its director. Read with section 2(76) and 188(1)(b) of the Companies Act,2013. Pass Board Resolution and ordinary resolution resolution if the transaction amount exceeds the threshold as mention in rule 15 of companies (MBP) rules 2014.

2. If the consideration is received by the directors of the Company is other than cash then section 192 also invoked here member resolution also required.

This is besed on my understanding.