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.