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liability

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(Querist)
04 November 2010 hello,
what is the liability of the share holders in t he case of............
*unlimited company having share capital
*unlimited company having no share capital
can u cite an ex of an existing unlimited co
regards,
pavani.
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Nikhil Kothari

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Nikhil Kothari (Expert)
06 November 2010 1)The liability of the shareholder is limited to the extent of shares held in case of Company limited by shares.
2)The liability of the shareholder is guarantee undertaken in case of Company limited by guarantee.( No share capital company)

Exception to the above is Sec 45, Sec 323 & Sec 542

As per Companies Act, 1956 a company cannot be an Unlimited Company.
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