Hi,
My doubt is whether minor can be a member of a Company under Companies Act, 2013 ? What are the various conditions that are required for a minor to be member of a company?
sateesh kumar (Be Positive) (156 Points)
11 April 2015Hi,
My doubt is whether minor can be a member of a Company under Companies Act, 2013 ? What are the various conditions that are required for a minor to be member of a company?
Srividya Murali
(Article Assisstant)
(211 Points)
Replied 13 April 2015
a minor cannot become a member by direct subscripttion of shares.this is based on the principle of an agreement with a minor is ab-initio void (Mohiri Bibi vs. Dharmados Ghose). However he can become a member on transfer or transmission of shares made in his favour and for his benefit provided the transferred or transmitted shares are fully paid and no liabilty is attached to them.
Related case laws:
1. Palaniappa vs. Official Liquidator.
2.Nandita Jain vs. Bennet Coleman & Co. Ltd.
3. Diwan Singh vs. Minerva Films Ltd.
sateesh kumar
(Be Positive)
(156 Points)
Replied 13 April 2015
Is there any change as per new Companies Act, 2013. Or it is same as it was in Companies Act, 1956?
Srividya Murali
(Article Assisstant)
(211 Points)
Replied 14 April 2015
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