Minor be a member in pvt ltd co.
This query is : Resolved
CA PRATEEK CHOUDHARY
(Querist)
23 November 2011
hii frnds..
please tell me that can ' A minor be a MEMBER(not director) in a private limited company..
if posible plss quote the relevant sec or reference of another act.
Regards
Prateek
please tell me that can ' A minor be a MEMBER(not director) in a private limited company..
if posible plss quote the relevant sec or reference of another act.
Regards
Prateek
Charu Srivastava
(Expert)
23 November 2011
Yes Minor can be a Shareholder only through his guardian..
RG - A Helping Hand
(Expert)
23 November 2011
Agree with Expert
The Company Law Board held in Nandita Jain v. Bennett Coleman & Co. Ltd. that a minor applying (through her natural guardian) for being registered as a member of a company, was entitled to be so registered if the shares were fully paid up.
So a minor can be a shareholder through his/her guardian for fully paid shares.
The Company Law Board held in Nandita Jain v. Bennett Coleman & Co. Ltd. that a minor applying (through her natural guardian) for being registered as a member of a company, was entitled to be so registered if the shares were fully paid up.
So a minor can be a shareholder through his/her guardian for fully paid shares.
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CA PRATEEK CHOUDHARY
(Querist)
23 November 2011
thanx a lot frnds 4 ur valuable replies.. :-)..
Srirang Mahabhagwat
(Expert)
23 November 2011
Dear Experts,
To bring a case in this regard In Palaniappa vs. Official Liquidator, Pasupati Bank Limited, an application was made by a father as guardian of his minor daughter, it was held that since a minor is incompetent to contract he cannot become a member.
Wat say???
To bring a case in this regard In Palaniappa vs. Official Liquidator, Pasupati Bank Limited, an application was made by a father as guardian of his minor daughter, it was held that since a minor is incompetent to contract he cannot become a member.
Wat say???
Mukta Suyal
(Expert)
23 November 2011
First of all you need to check the AOA of the Company, if AOA permits then only a minor can become the member of the Company.
And a minor can become member only of the fully paid shares and not of the party paid up shares.
And a minor can become member only of the fully paid shares and not of the party paid up shares.
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