Queries

Engee (Querist) 30 January 2015 This query is : Resolved
We are three sons to a father who run a pvt. ltd. firm where me and my father are the directors, with my father having the signing authority and my two brothers are just share holders in the company.
Now, my father has passed and we are not able to manage the accounts as the signing authority belonged to my father.
some of my queries are:

a.) Is it necessary to introduce a new director in the company?

b.) what happens to my fathers shares in the company?

c.) can my other two brothers acquire/inherit directorship in the firm
on the plot that they are the deceased persons kins?

d.) what happens to the signing authority? can i get it tranferred to
my name? what is the procedure?

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P. Venu (Expert) 31 January 2015
The story is less than convincing.

Engee (Querist) 31 January 2015
Not trying to convince anybody. Was just trying to state the facts in the less possible write up. Just looking for a solution from sensible somebody. Thanks for your views anyways. Help will be appreciated.

prabhakar singh (Expert) 31 January 2015
YOU ARE ADVISED TO LOOK INTO ARTICLES OF ASSOCIATION WHERE NORMALLY SUCH CONTINGENCIES ARE APPROPRIATELY MET.

THE COMPANY CAN CALL FOR A GENERAL BODY MEETING TO FILL UP THE VACANCY CREATED DUE TO DEATH AND ELECTING A NEW AUTHORIZED SIGNATORY BY PASSING A RESOLUTION TO THAT EFFECT AND COMMUNICATING THE SAME TO ROC AND
BANK.

TRANSFER IN REGISTER OF SHARES CAN TAKE PLACE AS PER RULES FRAMED IN ARTICLES OF ASSOCIATION AND IN CASE OF DISPUTES SECTION
111 OF CO.LAW WOULD HAVE TO INVOKED BEFORE
CLB.
IN ALL YOU NEED PERSONAL SERVICES OF A COMPANY LAW KNOWING LAWYER.

Engee (Querist) 31 January 2015
Thank you for you kind reply - Mr. Prabhakar Singh. Much appreciated.

prabhakar singh (Expert) 31 January 2015
MOST WELCOME YOU ARE GENTLEMAN!

T. Kalaiselvan, Advocate (Expert) 02 February 2015
While you are welcome for your appreciations, you can get more clarity, if needed, from a local consultant who will be able to guide you on further issues as well, better contact one.