whether a public limited company can assume the liability of director.
If Yes under what provision if not than too!
regards
CA Aashish
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PLEASE HELP !
Replies (7)
Pls do it fast!
Dear Aashish
Its Depend on work/ mistakes / non compliance/ fraud, etc
who will be liable its depend on which type of non compliance has been done or by whom etc.
So, Pls Clarify
Regards
Thanks Nitin! Actaully this is case of a privately placed Limited Co who want to assume the liability of director in respect of certain equipments purchased in its individual capicity for the sake of company itself.
regards
Dear Friend
Directors can purchase the assests for company because they run the company and no need for approval from Members.
Director should authorize from BR only.
Regards
The problem is that the Director has taken assests on LOAN and company want to assume the liabilty. The Company is a public limited co. (through Privately plcaed shares)
Dear Aashish
Director can purcase it
now company have to file Form 8 with ROC for registration of Charge with in 30 days (with normal fee)
with in next 30 days (with normal + additional fee)
After it you have to approach CLB / NCLT.
Regards
Thanks!
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