Applicability of sec 309 & 310 to a pvt. co.

1) Sec.309 is not applicable to pvt companies [Refer Sec.309(9)].  Sec.310 is also not applicable  to private companies [Refer first sentence of Sec.310].

2) What do you mean by withdrawal of  shares?  Subscripttion of  shares is a contract which comes into effect on the date of registration of company.  If decision is changed after signing papers, the same should not be submitted to ROC for registration.  After  registration subscribers automatically become members of the company and hence subscripttion cannot be withdrawn.  In that case they will have to transfer shares.

3) There is no restriction in the Act on payment of remuneration to directors of pvt cos. whether in profit or in loss.