Liabilities of directors

Manjul (Querist) 30 April 2017 This query is : Resolved
We have registered a pvt Ltd company and selected for Incubation at a IIT. We took loan of Rs 5,00,000. But we couldn't make our business a successful one. So we want to quit from business. Our paid up capital is 1, 00,000. The company is consist of five directors each of having shares of Rs 20,000. Our company is recognized as a start-up by DIPP, GOI. How much money have to be paid by each director if we close our business ? Will we get any subsidy under Startup India initiative?

During loan agreement one of my relative put signature as a guarantor. Will he face any legal compliance?

Kindly suggest.

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