20 April 2011
Hi, I have recently resigned as a director from a pvt ltd company. I also have transferred my shares another shareholder. Few years back, all shareholders signed a MoU which indicates that the company is buying some land but registering them in the name of shareholders. I also have company land which is transferred from the shareholder to my name and I paid cash to him for this transfer. Land is registered in my name now, without any mention of company. In view of MoU, who is the owner of this land ?? What is the legal validity of MoU against a registered property document ??
20 April 2011
Mr .Alok your question is not clear . As far as company are concerned all asset & Liability should be in name of company and not shareholder , whatever MOU you all have signned have no importance in the eye of Law . As far as your piece of land are concerned that you purchsed from another shareholder will be legally , belongs to you and any MOU will not restrict you to get that .
20 April 2011
Thanks Mr. Jha for your comment. Let me clear my point. 1. Asset (land) was registered in the name of directors (which are also shareholders) to avoid some stamp duty charges. 2. Initially, land was purchased and registered in the Director 1. 3. Director 1 transferred this land to me 4. I resigned and transerred my shares to Director 1.
Now, can company or Director 1 claim this land from me. Who is the owner of this land ??
20 April 2011
I am the owner in the registy of property and there is no mention of the company/ MoU. Could you please clarify on the ownership title in eyes of MoU.
18 August 2011
Apart from above information, following point about MoU is also mentioned in the Balance Sheet of 07-08, 08-09, 09-10:
"The company has bought land in its own name as well as in the name of directors/ shareholders. The company has signed a Memorandum of Understanding date 5th July 2007 with its Directors and Shareholders, for company land purchased in the name of individual Directors/ Shareholders, declaring that the land/ property bought in the name of Directors and Shareholders shall be the sole property of the company"
Does this restrict my ownership on land. Please clarify.
CAclubindia
