1) A private limited company can buy agricultural land provided it is used for agricultural activities.Since the purpose is dairy farming which is allied agricultural activity there should not be any impediments. It doe snot matter that one of the share holders is an NRI.

2) It must be borne in mind however that there must be approved provisions in the Articles of the Memorandum of Association of the Pvt. Limited Company or make such provisions thereof to accommodate agricultural activities.

1)A person resident outside India (that is, an NRI, a PIO or a foreign national of non-Indian origin) cannot acquire agricultural land/plantation/farm house in India by way of purchase

2)a pvt ltd company can buy agricultural land and carry on carry on agricultural activities subject to provisions of articles of association and memorandum of association as approved by registrar of companies

3) merely because NRI is one of the shareholders would not be disqualification

4) it is better you contact a local lawyer before taking decision for purchase of agricultural land in Punjab

The question of shareholders are NRI is not the criteria for buying agricultural landed property.

If the company is registered and doing its business as a firm it can very well purchase the agricultural land for dairy farming, there is no legal infirmity in it.

Since local law is involved it would be better if you contact local lawyer. Land laws differs in every state.

A company can act as per its Memorandum of association and article of association. So the company can buy agricultural land and carry on agricultural activities subject to provisions of articles of association and memorandum of association as approved by registrar of companies .NRI is one of the shareholders does not a disqualification to the company.

Foreigners cannot buy agricultural land in India.The regulations under Notification No. FEMA 21/2000-RB dated May 3, 2000, as amended from time to time, permit a NRI or a PIO to acquire immovable property in India, other than agricultural land or, plantation property or farm house.

foreign companies who have been permitted to open a Branch or Project Office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. Such dispensation is however not available to entities which are permitted to open liaison offices in India.

If the Articles of Association (AOA) authorize the company to purchase the land then it can do this. If, however, the AOA does not permit it, then the bar can be overcome by making necessary alterations through a board resolution.