Eclexys (Consultant) 26 October 2008
Eclexys (Consultant) 27 October 2008
Thank you sir, but section 179 refers to directors and to companies under liquidation.
This company is not under liquidation. And this person is not a director, but a majority shareholder who chooses to stay away from company operations.
What provisions (under IT act and also under Companies Act) would he attract?
Thanks and regards
Manish Singh (Advocate) 27 October 2008
no for leagl obligations, the person or director who were in charge of the said liability would be prosecuted for the same. you are not going to be blamed for that.
but in case of winding up, you shall be liable to the amount of shares held by you.