Hemant Sharma (None) 16 June 2013

Financial liabilities of a director

Hi,

I need help. I asosciated myself with a company formed in March 2012 and continued to work with it till Nov 2012. I had resigned from the position of a director in Nov 12 submitting a letter to the other director in writing, however did not take anything in writing from him.

Since then the other director has been non cooperative and has not taken my name off the records in ROC. After consulting with a CA i have now sent him a formal letter through registered AD and have written an email to him about my resignation and asking him why the first one was not filed at ROC. To which i have received a response from him stating that I am still a director with the comapny and will not take my name off the records from ROC till i pay him till date expenses including rent, salaries etc.

I also have 50% shares in the company, which he wants to be transferred eirther to him or to the newly appointed directors, which i also do not have information about, like who they are as i have not met them. in a way he as also appopinted more directors to the company without involving me. i have not been assosciated with the company in any way whatsoever since Nov 2012 and he is also trying to blame for being absconding from work. Though i have been in constant touch with him though emails and phone calls supporting him in any possib;le way. Records f\of which can be fetched out.

I would like to know about my rights here and can i be liable for the expenses the company or the other director has made so far.

Please assist

Reply Follow

4 Replies

(Guest)

If you have the copy of the resignation letter kindly inform about the same to the ROC about the same. As regards transfer of shares, the same being in your name you can always retain them or can sell them out byack to the company and transfer the same. In this regard you will have to sign the share transfer form. Once you resign from the company as Director, you are not liable for the business transactions transacted by the company since your post resignation.

1 Like

Hemant Sharma (None) 04 July 2013

Thank you Mr Nayyar, I understand that I am not liable for the business transactions but would this mean that I am liable for the expenses like purchase of equipment, rent, electricity bill, salaries etc. Because the other director is threatning me to take me to the court for these expenses made. Regards, Hemant Sharma

(Guest)

You won't be liable for the transactions transacted by the company in your absence.

1 Like

Margarita (Legal Counsel) 16 July 2013

Good day!

I am sorry for using of this topic, but I beleive, that You help me. My client would like to purchase shares of Indian company and to be one of director of this company, but he wants to know: How much bank accounts was opened by Company? And in which banks?

Are there (I mean in India) some authorities, in which my client could to sent a request for getting answers on this questions?

Thank you!