1) According to section 63 of The Bombay Tenancy & Agricultural Lands Act, 1948.
No sale of agricultural land is valid in favour of a person who is not an agriculturist. However Revenue officer authorised by Government in this behalf may grant permission for such sale under some conditions.*
2) "Agriculturist" means a person who cultivates land personally and "to cultivate personally" means to cultivate land on one's own account by one's own labour, or by the labour of any member of one's family, or under the personal supervision of oneself or any member of one's family by hired labour or by servants on wages payable in cash or kind but not in crop share.
3) company constituted as a juristic person under the Companies Act cannot be considered to be an "agriculturist".
4) land can be purchased by director in his individual capacity if he is farmer by profession .
4) rights of individual are recorded not as nominee of company but as individual farmer
5) If you are purchasing agricultural land on behalf of company for agricultural use you are liable for action under section 84 C of of The Bombay Tenancy & Agricultural Lands Act, 1948. According to this section if it is observed that transfer of land is made against any provisions made in the act under the circumstances land shall vest in the State Government.