How to remove a member in a Pvt. ltd. company susbscribed to Memmorandem of association but not paid the amount for shares?
Arun C Mathew (MBA) (50 Points)
29 July 2015How to remove a member in a Pvt. ltd. company susbscribed to Memmorandem of association but not paid the amount for shares?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 29 July 2015
It is not possible. Refer Sec.2(55)(i) and Sec.10(2). Subscriber will have to transfer his shares to someone else.
prakash
(Company Secretary)
(1352 Points)
Replied 29 July 2015
Dear Agarwal Sir,
I feel in this case, subscriber cann't transfer shares since the amount is not paid and further board may not approve transfer of shares and as quoted by you, All monies payable by any member to the company under memorandum or articles is debt due from him to company, hence company can approach civil court to receive money.
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