Sumanta Das Gupta (Accountant) (310 Points)
02 February 2014Can somebody please help with the following questions regarding Sec. 25 Companies :
Can a Sec. 25 Company be a company limited by share capital ? In that case, can the liability be transferred to shareholders ?
Can a Sec.25 Company be a company limited by guarantee ? Is guarantee trasferable in the case of a father son company ?
Thank you and with best regards.
Arvind Ray
(Practising Advocate CS LLB)
(339 Points)
Replied 02 February 2014
Can a Sec. 25 Company be a company limited by share capital ? Yes
In that case, can the liability be transferred to shareholders ? Liability of members is limited to the amount of share they have agreed to subscribe and pay for.
Can a Sec.25 Company be a company limited by guarantee ? yes
Is guarantee trasferable in the case of a father son company ? Please elaborate this query further.
Sumanta Das Gupta
(Accountant)
(310 Points)
Replied 02 February 2014
Arvind Sr,
The querry for the last portion of guarantee company is that if a Sec. 25 Company limited by guarantee has both father & son as directors, can the liablity of the father be transeferred to the son and vice versa ? Hpe am clear.
Thank you very much for your prompt reply.
Arvind Ray
(Practising Advocate CS LLB)
(339 Points)
Replied 02 February 2014
Not sure.Need to see court judgments on this aspect.
Sumanta Das Gupta
(Accountant)
(310 Points)
Replied 02 February 2014
Arvind Sir,
Thank you very much. If you can clear this doubt by referring to case laws within a cuple of days, I shall be thankful.
With kind regards.
CAclubindia
