Asset related..?

ABHISHEK KUMAR (Querist) 25 October 2014 This query is : Resolved
Dear Expert,

If a director want to convert his personal asset in the name of the Pvt.Ltd.Can he do so.?

What formalities need to be made ?

Regards.

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Guest (Expert) 25 October 2014
Dear Author,The Value of the Property could be converted in to shares and could be allotted to the Director and the property would become Company's asset. Registration of same would be mandatory. Please Confirm the same with your CS and CA.

Devajyoti Barman (Expert) 25 October 2014
Agree with Mr NJS.

ABHISHEK KUMAR (Querist) 25 October 2014
how can it be converted into shares ?

Rajendra K Goyal (Expert) 25 October 2014
Academic query.

Guest (Expert) 25 October 2014
The Board of Directors Should Implement a Resolution stating that Particular Property would be taken by the company and for Which the Owner the Director would be Compensated with Shares Equivalent to the Value Of the Same and it should be properly Registered Also

Sudhir Kumar, Advocate (Expert) 25 October 2014
Based on given facts the best possible response has been given by Mr NJS Rajkumar

V R SHROFF (Expert) 25 October 2014
Agree with Mr NJS.

Dr J C Vashista (Expert) 26 October 2014
I also agree with Mr. NJS as well as Mr. Rajendra K Goyal.

malipeddi jaggarao (Expert) 27 October 2014
Avoid posting academic queries. If any director really wishes to convert his personal property into the company's property there are paid advisers who will advise him properly. Do not bother.