You purchase the land means someone transfers the land on your name. To whom land can be transfer and under what condition is mentioned in section 63 of The Bombay Tenancy & Agricultural Lands Act, 1948.

The purpose of The Bombay Tenancy & Agricultural Lands Act, 1948 is to ensure holding of agricultural land by tenants, labourers and agricultural land holders. This law governs the relations of landlords and tenants of agricultural lands. It has no relationship with the company.

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.*

"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.

Meaning of the person as far as this act concern should be a “natural human being”. Therefore company constituted as a juristic person under the Companies Act cannot be considered to be an "agriculturist". With this we have to conclude that due to provisions made in the Section 63 of the Act, company cannot buy agricultural land for agricultural purpose.

In the Maharashtra, if you are purchasing agricultural land in the capacity of the Director of the Private Limited Company, at the time of recording your right over land  concern revenue officers are going to ask you to furnish proof showing that you as an individual is farmer by profession. It means they are recording your right over land not in the capacity of director of the company but as an individual farmer.  Revenue officers are writing name of your company on Record of Right but that is just for your satisfaction.

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.

*One of the condition is, if person is not having annual income more than 12000/- rupees under the circumstances revenue officer may grant permission for purchasing land for agricultural purpose.  This suggests that person intend to purchase land should be from weaker section of the society.