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Sole proprietor to pvt ltd

(Querist) 06 May 2015 This query is : Resolved 
My dad had proprietary firm uptill 1997 which we changed it to pvt ltd in 1998 while take over of proprietary firm it was taken by all assets and liabilities its was also shown in take over agreement we have done agreement on Rs 200/- stamp paper now my dad is expired few days before due to gain tax as per our Chartered Accountant advise we have not changed the land name and not registered it in sub register office now when u dad is expired my CA is telling that in future if I want to sale the office property I will need to take signature of legal heirs which is very difficult so is it necessary that after take over by pvt ltd we need this formality and do we have any substitute for this
atul (Querist) 06 May 2015
Second can't bank create any problems on this my property is already hypothecated for loans to my bank for pvt ltd company please do advise
Jeetender Gupta (Expert) 06 May 2015
How wld you establish that property in question was transferred to company. Was it factored in Capital introduction? Was there an agreement to sell or power of attorney? Without sale deed title doesn't transfer. For all technical purposes, property would otherwise remains under ownership of proprietor & thereafter successors. Secured creditor (bank) has the first charge over property. They're more concerned with repayment. Unless a dispute is raised before bank, there shd not be immediate concern.
ajay sethi (Expert) 06 May 2015
it is necessary to peruse all papers cited by you to advice
Rajendra K Goyal (Expert) 06 May 2015
All the documents need to be referred, consult local lawyer.
T. Kalaiselvan, Advocate (Expert) 08 May 2015
The relevant papers are to be seen to give proper opinion, instead better consult a local lawyer with all the documents.
Biswanath Roy (Expert) 09 May 2015
From the given facts it appears that the immovable property in question stands in the name of your Dad all along even at the time of converting proprietorship into Private Limited and further no POA was given to the Directors of Pvt. Ltd. company. In such a scenario the only option left is at the time of transferring title of the subject immovable property consent and respective signature of all of the successors in uinterest will be needed in accordance to Transfer of Property Act.


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