06 December 2010
The Articles of a company provided that the shares of a member who became bankrupt would be offered for sale to other shareholders at a certain price. Is the provision binding on the shareholders?
06 December 2010
Nope, i dont think so. As shares can be forfieted only if shareholder fails to pay any call amount, that to as well, after giving proper opportunity to shareholder of being heard..... Moreover, if shareholder has already paid his all amount due, no company can enforce him to sell his shares or transfer by any means.....
CAclubindia
