sale of investment of property(House property) to shareholders

ABC pvt company showing in books and balance sheet house property has its non current investment from past 10 years. Now the company want to sell same HP property to one of its shareholder(50%) from whom the company borrowed funds for working capital purpose and buying the above property.

Pls let us know whether the company can sell it to shareholder and what is the procedure for it? And also any deemed dividend provisions will attract as per section 2(22)