I am 1 of 3 directors in a Ltd company (closely held Ltd company) having 48% share holding. Company may be bankrupt in sometime. In addition to other liabilities there will be substatial liabilities towards Income Tax (non deposit of TDS, Non paymemnt of Tax etc) and Maharashtra VAT.
My questions to the experts,
1) What is my personal liability ?
2) Can I (or other directors) be prosecuted / imprisioned / can attachment of assets etc be ordered ?
3) If we are insolvent, will IT / VAT be eventually written off ?
Request all to answer as soon as possible.