Under this section it is nowhere mentioned that an association or partnership formed in contravention of sub section (1) is considered
illegal.
But such associations and partnerships are called illegal association. Is this correct.
If so, are the colletral aggrements entered into by such associations tainted with illegality
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Sec 464
Replies (7)
Section 464 prescribed maximum no of person in case of partnership or association... i. e 100...if exceeded by 100 u hv to form a company
My doubt is whether such association formed in contravention of the sub section 1 can be called illegal association
Yes... Called illegal association and every person personally liable for fine uoto Rs. 100000....violation of law is illegal
thank you
@ Divakar, but the prescribed limit is 50 now ,not 100.
@ Pradeep u r right... As per Rule 10 of companies miscellaneous rules current limits prescribed is 50....section prescribed maximum limit 100....i just skip in mind
Oo..yaa...
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