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ronak (director)     15 March 2013

Pvt. ltd company

 

Ours very old family business and we have 4 pvt. ltd companies. We are filing company return every year as per company law. Share holders are all family members and shares are equally divided into 4 families. Out of 4 families one family’s active director in 2 companies has resigned 10 years back. In share holders list still all family’s members name are there. I want to know following details.

 

1)    Few of the unsecured liabilities are long pending before the one family has resigned from directorship. Please explain the liabilities limited to all share holders.

 

2)    Asset division if we need to remove out of share holder list.

 

 



Learning

 3 Replies

Sunil Gokhale (Advocate)     16 March 2013

When the Director exited from the company - what was decided - especially in relation to liabilities ... secondly need to check the MoA and AoA on what are the responsibilities of the exited Director.

If the name of the exited Director is still as part of the share holder - you need to exit him immediately.

Mail your details to adv.gokhale@gmail.com

devdatta Jadhav (advocate)     16 March 2013

transfer share from existed directors to other directors,shareholders have unlimited liability

Amritesh Mishra (Advocate)     17 March 2013

Company is a form of organisation where there is seperation between owners and management. The shareholders are the owners of the company while directors are the agent of the company. The majors decisions like appointment of auditor are taken in Annual general meeting of shareholders. If  a company goes into liquidation, payment is first made to  outsiders like secured creditors, unsecured creditors out of assets realised. At last payment is made to shareholders. However in case of company liabilities of each shareholder is limited to the extent of nominal value of shares.  if a shareholder holds 100 shares of Rs 10 each and and he has paid Rs 8 per share, his remaining liabilities will be limit ed to Rs 2 per share. he is liable to pay Rs 200 only.

 


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