XYZ Pvt. Ltd. has 3 Directors - A, B and C. All 3 had equally contributed Rs. 30 Lakhs for starting the company. The MOU has a clause - In case a director decides to leave the company, his share will be purchased by the other 2 directors equally.
Payment term: 20% within 2 months of leaving, Rest 80% within 2 years.
Can the retiring director claim interest on the balance 80% if the MoU is silent on this?
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