Asset sharing for the resigned director

No. How can the Director claim for assets of the company? Not possible.  

Originally posted by : bharathi
	Hi   one of therecently  resigned directors of the pvt limited company , demands 50 % immovable asset  sharing from the other director , though  there is no contribution from him.The resignation was effected 10 months ago with Form 32 filling etc. Those assets( factory land, cars, other vehicles)  are in company's name and procured during the tenure when the director was in. Is he lawfully entitled for those assets? Now , he is a mere share holder with 50, 000 shares of the company. Your guidance is greatly appreciated.

 Hi Bharathi

I agree with Sunny.

Directors are only representatives of the Company taking decisions on behalf of

company, as Company cannot take decisions without human involvement.

Company is a legal entity formed  distinct from that of its members / directors.

So properties in the name of company will always remain in that name, and

no director can claim the properties for its own.

Other views solicited

regards

Santosh Shah 

Hi ,

Thanks for replies.

If the company has made profit for the 4 years since inception and during fifth year( current year)  has made loss of 2.5 cr than the previous year, will this scenario be considered while arriving at the share value of the company by projecting the profit earning capacity  for the transaction between directors?

The director resigned during october this current year .

Regards,

Bharathi