Working professional and private company

Farhat jahan (Querist) 20 February 2011 This query is : Resolved
If I form a pvt Company with my friend and we keep a clause in our artical of association that we can transfer our share to our relatives only and I transfer my share to my husband.My husband is a working Professional in a IT company than after transfer he has to switch off his job or he can work continuasly.what he has to do after getting share of the company?

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A V Vishal (Expert) 20 February 2011
There is no legal bar on subscribing/acquiring shares of a company by any working professional. He can continue working even after acquiring the shares. However, he cannot hold any position in your company like director/M.D etc... without prior permission of the employer.

Kirti Kar Tripathi (Expert) 20 February 2011
Agree with Vishal. Acquiring share of any company is no bar but to take part in the business of company will depends on permission of employer or service conditions of employee, whether it permit or not.