private ltd co

Querist : Anonymous (Querist) 03 August 2010 This query is : Resolved
I am a director of co,having share of 40%> the remaining 60% are held by a couple.I am no more active in business and it is controlled and operated by the said couple only.They have not official asked me to quit as some issues remain pending along with my share capital to be paid. In such circumstances,what are my legal obligations and liabilities? also advise the way forward!

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B.R. BHALLA, ADVOCATE (Expert) 06 August 2010
Being a Director of the Company, you are equally liable for any default made by the Company. Please ensure and get a compliance certificate from the controlling directors. Alternatively you resign as a Director and can retain the shares until they are paid for

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