Dear Anirudh
Buy car in individuals name and let the company pay the EMI for the same. This way the company can show all the expenses so related to the car as business expenses, and the company when takes the car in the name of individual employee, they need not pay higher corporate tax.
Also don't make the car part of employees CTC, thus after three years the company can sell the car and show depreciation in books of accounts.
I am not very good in Tax and finance, so kindly do verify above idea with Finance person before you even think of working on the above idea