assets of company
This query is : Resolved
25 January 2010
can a pvt ltd company purchases fixed assets in the name of our chairman,director and pramoters?(assets are name of chairman and used for company purpose and loan of assets are paid company)
CA Prashant Gupta
(Expert)
26 January 2010
as per co. act company has separate entity. It can't purchase fixed assest in the name of director, chairman or promoter. As per Compnaies Act it is illegal.
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