28 January 2010
in one joint venture private limited company there are two shareholders one is foreign company which has 99 % share holding and other one is director 0f company who has 1 share. Later this one share is also transfer to the company so there exist only one shareholder i.e. foreign company. Is it valid or allowable in company act, India
28 January 2010
in one joint venture private limited company there are two shareholders one is foreign company which has 99 % share holding and other one is director 0f company who has 1 share. Later this one share is also transfer to the company so there exist only one shareholder i.e. foreign company. Is it valid or allowable in company act, India
as per companies Act, 1956 section 3 (1) (iii) minimum 2 members are required for the private company, In ur case now there is only one member this can be a valid reason for winding up of pvt Co, but you can instead of transfering share of that Director transfer beneficial interest in the share to foreign Co under section 187C, which will also give effect of 100% subsidiary of foreign Company
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