Hi
please answer my queries
1)The Articles of a company provided that the shares of a member who became
bankrupt would be offered for sale to other shareholders at a certain price. Is
the provision binding on the shareholders?
2)A company, in which the directors hold majority of the shares, altered its Articles
so as to give power to directors to require any shareholder, who competed with
the company’s business, to transfer his shares, at their full value, to any nominee
of the directors. Mr. Sen had some shares in the company, and he was in
competition with the company. Is Mr. Sen bound by the alteration?
3)The Board meeting of HLL Ltd., was adjourned for want of Quorum. Advise
the procedure now to be followed and also whether a resolution can be passed
by circulation. If so, how?
4)n allottee of shares in the company has brought an action against Director in the
co. with respect of false statements in the prospectus. The Director has contended
that the statements were prepared by promoters and he had relied on them. Is
the director liable under the circumstances?
Regards
Ram
CAclubindia
