Sale of moveable property to the company by a director

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tinku (Querist)
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05 February 2012 I wish to know the procedure by which a director can transfer/sale a truck which has been brought in her name to the comapany.Can it been done through a sales deed, then how and if not then how to proceed further.

Thanking you in advance
Tinku

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)
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06 February 2012 Hi,
You have not mentioned the status of the co.(whether pvt. Or public) or it’s paid up capital structure.

Any way , please comply with the provisions of section 297 and pass board resolutions.

Also comply with the provisions of sec.299(disclosures of interest by directors) & 300. S. 300 not applicable to pvt. Ltd. Co.

Thanks,

tinku

tinku (Querist)
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09 February 2012 hello thank you so much.
our is a private limited company.
should i take the note that there is no need to draft any sales deed in the case

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CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)
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09 February 2012 My opinion was based Company Law point of view.

Apart that you also need to prepare the sales deed to complete the transction.

Thanks,