Dear Experts,
I have a query as brief below; require your help to resolve the same.
Query:
1) Assessee is a Private Limited Company (limited by shares) having three Directors.
2) The Gross block of Fixed Assets includes one of the asset as "Wind Mill".
3) Company wants to Sale/Transfer "Wind Mill" to Son of the Director (Who is not a Director in the said Co.)
4) The Memorandum of Association permits the company to sell/transfer the asset at an agreed consideration.
Please help to understand,
1) Whether above transaction is allowed under the provisions of the Companies Act..?
2) What procedure is require to follow to process the above transaction? (Stamp duty etc. required to pay..?)
3) Any other statutory requirement needs to be taken care off ?
pl. help to resove the query.
CAclubindia
