can a minor -under 18 year be a shareholder ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
Hi everybody,
My boss want to put his son, a minor 5 years old as share holder of Indian Private limited company. Is it possible ? And can his name will included in the board of director for voting of resolution ?
Thanks
My boss want to put his son, a minor 5 years old as share holder of Indian Private limited company. Is it possible ? And can his name will included in the board of director for voting of resolution ?
Thanks
03 February 2011
1) A minor can become a shareholder when the fully paid up shares are transferred or gifted to him or when the shares are passed on to him by way of transmission. However shares cannot be alloted to him directly as he cannot enter into a contract with the company.
2) A minor cannot become a director and vote in the Board resolutions.
2) A minor cannot become a director and vote in the Board resolutions.
Message likes :
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04 February 2011
As per general rule a minor cannot become a shareholder of a company but subject to exception he can become a shareholder of a company.
Exceptions :- Given by above expert.
No. A minor's name cannot be included in the board of director for voting of resolution.
Exceptions :- Given by above expert.
No. A minor's name cannot be included in the board of director for voting of resolution.
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