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PLEASE HELP !

Ca Aashish Upadhyay (CONSULTANTS) (913 Points)

26 May 2010

whether a public limited company can assume the liability of director.

If Yes under what provision if not than too!

regards

CA Aashish

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7 Replies

Ca Aashish Upadhyay (CONSULTANTS) (913 Points)
Replied 26 May 2010

Pls do it fast!

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Nitin Grover (CS) (1228 Points)
Replied 26 May 2010

Dear Aashish

Its Depend on work/ mistakes / non compliance/ fraud, etc

who will be liable its depend on which type of non compliance has been done or by whom etc.

So, Pls Clarify

Regards

Ca Aashish Upadhyay (CONSULTANTS) (913 Points)
Replied 27 May 2010

Thanks Nitin! Actaully this is case of a privately placed Limited Co who want to assume the liability of director in respect of certain equipments purchased in its individual capicity for the sake of company itself.

regards

Nitin Grover (CS) (1228 Points)
Replied 27 May 2010

Dear Friend

Directors can purchase the assests for company because they run the company and no need for approval from Members.

Director should authorize from BR only.

Regards

Ca Aashish Upadhyay (CONSULTANTS) (913 Points)
Replied 27 May 2010

The problem is that the Director has taken assests on LOAN and company want to assume the liabilty. The Company is a public limited co. (through Privately plcaed shares)