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Rights, Duties, Liabilities & Assets of Director.

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(Querist)
21 February 2008 Myself became a director of a private Ltd. Co. and it is trading concern. This co. is of my relatives and I am not involved in this company neither I invest anything nor I withdraw any amount. Later days can any liability put on me on behalf of company? Am I responsible to pay any liability of company?

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Pradip Pandey
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SAM KOSHY

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SAM KOSHY (Expert)
21 February 2008
You are not investing anything & not withdrawing anything but working as an MD. Eventhough you are a related party.
Keep all legal docs.No liability will put on you.

you are working in the position of MD eventhough you are a related party .
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
21 February 2008 For any acts of negligence by the company a director may be issued a show cause notice/warrant. The onus of proving the at he was not a party to such an act is squarely on the director.
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