Land not registered in the name of the company

Land of promoter was recognized as an asset of the company on incorporation but was not registered in the name of the company and continue to be in the name of the promoter director. shares were allotted to that director for consideration other than cash i.e. for usage of land by the company. now the promoter wishes to take the land out of the books. buildings had been constructed on it. the property was given as security for the loans taken by the company.