A few years ago I was a director of a company. I have resigned as director. Submitted to MCA. But I did not transfer the share certificate. If a company director commits fraud or does not pay taxes, are shareholders liable?
I have discussed the same with the lawyer. If a person has a share certificate, he should attend the board meeting, he said. If any mistake is made by the directors. Share holder have to notice issue, it is the responsibility of the shareholders. But I am not attending any meeting. The current director does not hold any stake. He has not paid any tax for 3 years. Now the case has been transferred to court. He is not attending.
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