Sale of a pvt company procedure to be followed ??

No Any Step, Just Sell The Shares to Transferee.

& Make Them Director.

Now They are Owner.

Thats Shit in Your Case.

Thanks Ayush for your reply.

how to effect sale of shares and what will be its effect in the books of accounts. suppose new dir. has paid to the old directors Rs.50000/- then what will be the effect in the BOA.

also let me know do we need to file any form with ROC for change of ownership ?

No Ownership Transfered.

There is No Concept in this of copanies.

You Just Show Sell of Shares to rs. 50000/ No. of shares make transfer deed.

apart from this only form 32 need to file for director name.

in annual return, shareholder list will go.

thatssit, nothing else.

just take care of income tax, since amount is not that much only 50000/- so i am under impression that tax will be not a big problem.

above matter applicable tor Closly Held Companies only