Query

Pvt ltd 732 views 5 replies

Varun

ACS

128 Points Joined July 2009

1. A person who is a emp. of a P. Ltd. company having shares in the same company but after his ceasing he buy more shares of the same comp.

what about his membership according to sec. 3 (1) (iii) ?

Replies (5)

RAHUL

Company secretary

226 Points Joined June 2009

Dear Varun

Regarding your query sec3 is apply . If you read section 3(iii) you get answer your problem. According to my opinion an employee is not include in 50 if he has continue member of company. if he is not held continue membership in company after his resign and purchase shares after this his membership inculde in 50 if you have any dout in this regard or another matter you send mail. on my email.id. My email.id is nitinagarwal113 @ gmail.com

Regard

CSNITIN

Ankur Garg

Company Secretary and Compliance Officer

114788 Points Joined January 2009

Employees and Ex employees are not covered in the limit of 50 members. But he remain member of the company even if he is not an employee of the company now.

Regards

kamaljeet

C.S

51 Points Joined December 2008

Hi All,

I totally agree with Mr. Ankur, though the person is no more employee of the Company but he is still a member of the Company as per the provisions of Section 3(1)(iii) of the COmpanies Act.

Varun

ACS

128 Points Joined July 2009

Originally posted by :Varun

1. A person who is a emp. of a P. Ltd. company having shares in the same company but after his ceasing he buy more shares of the same comp.
what about his membership according to sec. 3 (1) (iii) ?
2. but as per sec. 3(i)(iii) only Directors and their relatives can be the member of the company.

then how could be the director be said to be its member?

Malav Shah

Company Secretary and AVP Legal

171 Points Joined June 2009

Hi Varun,

In my opinion, even though employee purchases further shrares, his status as member doesnot change. He will not be counted for the limit of 50 members.

Regards

Malav