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Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2014 Respected Experts,
Please guide me regarding this...
Their is a private company whose both Directors who are share holders also committed suicide due to their personal loan is increased. Now my client had given loan in past & made an agreement with Co. that "in case if Directors or share holders are fails to pay loan then legal heirs will be liable to pay loan amount" such type of clauses was added in agreement. But in this case both Director who was share holders also were died & no legal heir is coming forward for share transmission procedure. Hence please guide me regarding this.

CA UMESH DULAL

CA UMESH DULAL (Expert)

16 August 2014 If the agreement with, then the liability of directors lies only to the unpaid amount on shares taken by them.

I think the clause is INVALID clause.

plz consult a advocate.

CA UMESH DULAL

CA UMESH DULAL (Expert)

16 August 2014 If the agreement with, then the liability of directors lies only to the unpaid amount on shares taken by them.

I think the clause is INVALID clause.

plz consult a advocate.

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