Regarding legal heirs
Gayatri
(Querist) 22 December 2011
This query is : Resolved
One of my cousine has set up Power project and lost every thing in that project when company was in trouble M.D expired and my cousine was made M.D and his daughters din't claim or did not respond when they call them for annual meetings and with lot of difficulties they could sell the project with no loss no profit then now legal heirs come into picture and start sending legal notices , what is the situation , can u please advice in which way he can protect himself , with no fault of him he is suffering cn u please advice us so that we can help him.
Devajyoti Barman
(Expert) 22 December 2011
If the property was belonging to the Company then without passing resolution of Board of Directors , the same could npot be transferred.
Presuming the sale was made after going through the due process of law, the other share holders are entitled to their due share while the company was would up.
Sailesh Kumar Shah
(Expert) 22 December 2011
please clarify:-
1.Daughter of whom?
2.by which mode investment made?
3.who is md now and before?
4.what is the relation between them?
5.Any other related information?
V R SHROFF
(Expert) 22 December 2011
Agrees with Devajyoti.
Company is a separate entity.
In case of heavy loses, it may be liquidated, and remains distributed as per no. of shares of their members. CLB be informed accordingly.
H.M.Patnaik
(Expert) 22 December 2011
Dear Friend,
your query is n't clear. Here you have mentioned your Cousin has put up the Power project in the outset and later states that he was made M.D. ( Managing Director!) upon demise of the previous incumbent. Besides you have not mentioned what is the status of the entity running the power project. Respected Expert friends have responded taking the unit as either a pvt. ltd. or Public ltd. company.
Considering the entity as a Company incorporated under Indian Companies Act,1956, the liability of Director / Managing Director is limited to his investment in equity.And if the Company is already wound up, due process of law for the purpose should have been undergone residual equity if any would have been refunded to the shareholders of the said company. So, at this stage no claim shall lie.
prabhakar singh
(Expert) 23 December 2011
Yes!your query is not clear.please clarify 1st the five Qs????? asked by Mr.Shah.
J K Agrawal
(Expert) 25 December 2011
Dear sirs
i thnk it seems no use of answer of any of five questions.
The simple answer is that the share holder will take his share.
If share holder died, his heir entitles.
The principle of waiver can be invoked but it is not an easy job.
