Dear Friends
Can a company issued shares to minor any ay
thanks in advance
Aalhad Mahabal
(Student)
(50 Points)
Replied 07 January 2010
Minor can not hold shares but he/she can be a beneficiary, thus the shares may be held in the name of Mr. XYZ (Father & Natural Guardian) of Mr. YZ (minor)
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 07 January 2010
I have already done that. Please ask your query.
Aparna das
(Associate)
(25 Points)
Replied 11 January 2010
Dear Sir,
i wanted to know the procedure to be followed incase a private limited company has not allotted shares for more than 5 years. Can the applicant sue the directors? is there a prescribed time limit for the same?I understand that there is no time limit for a private limited company, however in this case , what would be remedy under law. Your prompt response would be greatly appreciated.Many thanx.
Priya Sharma
(Company Secretary & Student.MBA)
(998 Points)
Replied 11 January 2010
Since a minor is not competent to contract, so he cannot hold shares in his own name.However shares can be held on behalf of the minor, by his/her guardians and once he attains majority, the shares can be his own name.
Learned ,plz correct me if I am wrong.
Regards
Priya Sharma
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