a company allots shares to a minor, the company makes calls but minor doesn't pay them. will the shares of the minor are liable to be forfeited even if the company knows that the shareholder is a minor?
Deepali Garg (none) (148 Points)
12 August 2012a company allots shares to a minor, the company makes calls but minor doesn't pay them. will the shares of the minor are liable to be forfeited even if the company knows that the shareholder is a minor?
Manjunatha M K
(Manager - Accounts)
(318 Points)
Replied 12 August 2012
Contract with minor is Void-ab-initio.
So, allotment of shares is not valid.
There is no question of forfeiture of shares.
CAclubindia
