Sale of land by Private Limited Company
Y V Vishweshwar Rao
(Querist) 31 May 2010
This query is : Resolved
Dear Lrd Friends
A Private Limited Company is selling its land-Property to individual Persons
The said PVT Ltd Company not commenced its Business as proposed , it appears the Company is intendnig to close all its Comnay affairs and selling the land held by it
What are the requird steps to be taken while drafting the MOU for sale / Sale agreement / Sale Deed ( for & on behalf of Purchasers ) - with reference to Comany Law/s and Corporate Laws /
restrictions on Companies /while selling the properties of REGD Company and to konw its liabiliites / charges / mortgages / etc
Y V Vishweshwar Rao
Advocate Hanamakonda Warangal AP
bhagwat patil
(Expert) 31 May 2010
In witch state the land is situeted?
Daksh
(Expert) 31 May 2010
Dear Mr.Rao,
As a matter of fact the Company has to approach and seek permission from the respective Town and Country Planning Department to allow the regularized development of the area and only after approval in this regard it can launch the project.
For drafting part although they have the standard documents you may refer to chamberpractice.com site for this purpose.
Best Regards
Daksh
Ashok Yadav
(Expert) 31 May 2010
A Pvt. Ltd. Company has an identity of a n individual person, it can sell its raw agricultural, un developed land to any individual person, without any prior permisssion of any revenue or other authority.
You want to know about its liability, charge etc. for this purpose you should obtain it balance sheets, certificate from C.A./Company Auditor.
Heaven 2011
(Expert) 01 June 2010
The private company being a closely held company can sold its land to other by way of passing a Board resolution. Further if the comany being a subsidiary of the public ltd then the provision of section 293(1)(a) of the Companies act has to be followed and in that case a special resolution has to be passed. To know its charge/ satisfaction of charge you can obtain the CIN of the company and inspect at the MCA site
