While issuing shares in a Private Company, it has made a SHA that, if the Share holder will not comply with any of the T & C or will not make payment thereof. After giving a Notice period of 30 days either of the party is free to exit.
Secondly, we have an option to forfeit the shares by giving the 3 notice and following the procedure thereof.
Now the query, we want to use the weapon of Forfeiture instead of the given in SHA.
The doubt is on the subject that ''Whether the Share Holder Agreement if properly made then it is mandatory to follow ?
Can we take all action as suggested in the SHA ? Will the ROC accept the same ?
CAclubindia
