the private ltd company(agriculture) formed by 2 person as a directors and shareholder
1 Company was originally formed with 1 lakh authorised capital but buy agricultural land worth of 25 lakh as company gets unsecured loan from one of relative of director.please confirm is this a legal act ?.Does this loan is also exempt from " deposit" and do we need to raised share capital or not ?
2. Is there any legal way that one of its director who own 90% shares transfer all share to someone he trust(relative)with or without any money involved with board resolution and draw some kind any type contract or any company law with him that whenever he want to take all shares back at same price .he(relative) should return or transfer all shares back to director without any hassle
CAclubindia
