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SK MD Azhar UDDIN   26 November 2021

Sell deed from a private limited company

Dear sir/madam,

We are purchasing a property registered in the name of a Pvt Ltd company. They have three directors and all of them are family members now they authorized one of the director to sell and the sign the particular property. And one thing when the property was bought from the previous party same director signed as a representer of the Pvt limited company.

Now my concern is can he sell in behalf of the company where they have three director including him?

All directors have blood relation.



 6 Replies

Advocate Bhartesh goyal (advocate)     26 November 2021

Authorised director can sign sale deed on behalf of company and other directors when he he has been duly authorized by a resolution passed in companies  board of directors meeting to sell the companies property.

P. Venu (Advocate)     26 November 2021

You need gto ensure that the the said director is duly authorised. You may seek from the Company requisite documen ts in this context.

SK MD Azhar UDDIN   27 November 2021

What requisite documents we ask them to provide?

We already told them to provide balance sheet but they refused.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     27 November 2021

No balance sheet required for registratio of property.Authorised signatory director sign is important. 

Anaita Vas   27 November 2021

The Board of Directors could authorize the director to sell the property, but the director will likely not have the power to do so on his/her own. The only exception would be with a start up where there may only be one director, namely the founder.

The Board would not have to inform the owners of its’ decision, nor get their approval. The Board can just go ahead and sell the property. Although, the Board is likely to inform the shareholders at some point that the decision was made.

Read the article named, "“AUTHORIZED SIGNATORY” WHO CAN AUTHENTICATE DOCUMENTS / CONTRACTS / REGULATORY FILINGS ON BEHALF OF A COMPANY?" on KSR&Co.'s website to know more about your query.

 

Regards,

Anaita Vas

Dr J C Vashista (Lawyer)     28 November 2021

It is appropriate to consult a local prudent lawyer for proper appreciation of facts / documents and professional advise.


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