SHARES IN PVT. LTD. Co.

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Life is a Race.....CA FINAL (Querist)
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28 December 2009 There is a private limited company. There are only 2 Directors. One of them Resigning and another director is appoined. Now the director who is resign holds both Eq. Shares and pref. Shares in the company.
So clarify what is to be done for this shares?
Whether company is liable to give money for the shares held by the resigned director or not?
Plz advice for other ways....

Arjuna Raina

Arjuna Raina (Expert)
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28 December 2009 No,It is the commonsense that shares are the personnel property of the individual who holds it so company will not acquire those shares from the retiring director.
But if the ESOPS/Sweat equity shares are being alloted to the directors then company can acquire those ESOPS/Sweat equity shares,if stated in the articles.

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