whether preliminary expenses incurred by the promoter can be reimbursed?
1 Replies
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 17 August 2012
The nature of the promoters work in the formation of a company calls for considerable skill for which he should be adequately remunerated. A promoter has no right against the company for his remuneration unless there is a contract to that effect. In the absence of such a contract, he cannot even recover from the company payments he has made in connection with the formation of the company.
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