Hi
do you if there can be a co. with only one shareholder? I know statutory minimum under Co.'s Act is 2 in case of Pvt Co. and 7 in case of public co. but... where co. is limited by both shares and guarantee can there be only 1 SHARE HOLDER?
CA Sri Vidya (Employed CA) (81 Points)
12 February 2009Hi
do you if there can be a co. with only one shareholder? I know statutory minimum under Co.'s Act is 2 in case of Pvt Co. and 7 in case of public co. but... where co. is limited by both shares and guarantee can there be only 1 SHARE HOLDER?
CA Abdul Halim Siddiqui
(Partner)
(481 Points)
Replied 12 February 2009
NO....., in my opinion " LIMITED BY SHARES & GUARANTEE" mean liability of shareholders( WHICH HAS TO BE IN TUNE OF LIMIT PRESCRIBCED BY CO.ACT) is limited to the extent of paid -up value of share & amt guaranteed.& NOT NUMBER OF SHAREHOLDERS. .
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