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Private limited company

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(Querist)
19 February 2010 Can a director of a private limited company has a right to sale the company in case of another director (who was the spouse of the director) deceased and there is only two directors including spouse?
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C.A.Amitabh Gupta

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C.A.Amitabh Gupta (Expert)
19 February 2010 The directors are not the owners of company, they only manage the affairs of the company. The owners of the company are its shareholders. The right of director to sale the company will depend on much shareholding he owns. He can only tranfer his shareholing , if any.He cant transfer the share of the deceased director which will pass on to legal heirs of the deceased director.

CA Amitabh Gupta
Indore
ag_ind@rediffmail.com
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