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Legal precautions should I take to takeover a Company

(Querist) 20 May 2010 This query is : Resolved 
We are in the process of buying a "Limited" company from its current owners. The deal is simple; we pay them X amount and they will relinquish their ownership make us owner.
What all legal precautions should I take to make sure I am legally protected and there is no trouble in future.
The company currently has many partners but it will be under single ownership after take over.We are buying it as individuals.
harsh asthana (Expert) 20 May 2010
When you are buying a Limited Company the transction will be in the form of transfer of shares at agreed price.

You can check with the ROC the records of their filings you have to find out any amounts payable by the co. to any of taxation departments or any other local bodies.

when it comes to secured loans you can check with the bankers of the company and also roc records.

As far as unsecured loans are concerned you can check with suppliers regarding their dues. You also have to update your self with ESI PF etc.

It will be a good thing to advertise in papers regarding takeover of company and asking any body to contact within stipulated time in case of any dues or any other objections.

for further details you can mail me at hasthana@yahoo.com or call me on 9849104235 I happen to be an advocate based in Hyderabad


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