Pvt. ltd. co. members

Hi pankaj,

When you count the number of 50, the following persons will be excluded:

1. persons now in the employment of the company and holding shares at the same time.

2. persons who were in the employment of the company before and were holding shares at that time; but they are not in the employment of the company now, but they hold shares.

The crux of the section (3)(1)(iii)(b)  is : persons holding shares during employment and after employment are excluded for the count of 50.

Regards,

Subbu

Thank you sir could you also tell me,  excluding member of director(which is owner of co. ) family . are also they are not in employment are they liable for counting in 50? And also let me for in how many years or months we have to allot shares against share application money.

Hi Pankaj,

The director holding shares should be counted for the number of 50. But if the relative of director is holding shares,

(i) if the relative is or was in employment of the company - not counted

(ii) if the relative is not or was not in employment of the company - counted

Regards,

Subbu