Dear all
In one of my clients case, a pvt ltd co., there are no directors since 30 sept 2005. 99.99% shares are owned by foreign company. What is the status of such company?
Any remedies...
Thanx & rgds
Varun
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No. of directors - urgent
Replies (4)
The aforesaid co. is a foreign company due the control and management from foreign country according income tax acxt 1961
Your company's position is on deadlock. And the shareholders than have powered to take steps to appoint a director. In this company you have to seek the assent of your holding foreign company to appoint a director.
As per section 252, the company should have minimum nos. of directors at all time. In case of Pvt. co. 2 and public co. 3 and other company 2.
Thanks
Arbind
As per section 252, the company should have minimum nos. of directors at all time. In case of Pvt. co. 2 and public co. 3 and other company 2.
Thanks
Arbind
in such a case there is only one remedy the foreign company can nominate two director.
dear taher this is a problem on companies act and not income tax act. and once a company is incorporated in india for the purpose of the companies act the company will be regarded as an indian company and under no circumstances as a foreign company.
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