Sir
A particular pvt ltd company has an authorized share capital of say 50 lakhs constituting equal share holding of 25% each by four promoter directors. Now one of the promoter directors fails to fulfil his obligation of paying up his share of the equity while the other three directors have fully paid up their respective committments towards fulfilment of their obligation. I request clarity/answers to the following queries related to above situation
a. Can the directors who have paid their parts of the share holding be issued with share certificates ?
b. How long can the Board permit the defaulting director in terms of time (weeks, months etc) to collect the full authorized share capital as per the Company Law
c. in case of defult by one of the directors as stated above what options can the board exercise .. (such as levying of penal interest, allocation of shares to other directors or new directors etc)
d. can such a defaulting director continue in the Board as a Director with no stake in equity ?
Thanks in advance
Sitaram
CAclubindia
