There are only two director in Pvt. Ltd. Concern one is out of the way from the company and one director is looking the matter regarding company business is wind up. but previous years scrutiny assessment of IT is he pesonally liable to pay Penalty and Tax of Assessment order ? or Here business is totally wind up as due to fraud by second director with company and fir copy and all the documents are avbl. what is the final limitation of liability for one director particularly legal libility end ? Please guide in the matter Thanks
24 December 2010
A Private ltd company is an entity clothed by the company law,all assets and liabilities of the company are not the private properties of the directors.The directors are the custodians of the company who derive their authorityand responsibility from the company's MOA, Board resolutions and the law.Lifting of the corporate veil is done as per the law if the facts and circumstances so warrent, then the individual liability arises if proved
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