658+ Lawyers are online 
Transfer of shares and payment of liabilities by exiting founder
04-Jun-2023 (In Startup Law)
one of the founder of the company (total 2 with 50% share each) has decided to quit as director of company. It has been 6 months since he quit, has not paid his share of liabilities and neither transferred the shares.
Please look into the procedure for a Director resigning mentioned in the Articles of Association of the Company. The provisions lay down the procedure for proceeding against a Director for outstanding dues. Alternatively you can also initiate legal proceedings.
Helpful?
16+
16+
The ideal way would be to pressurise indirectly for Non-payment of existing dues as this makes both the Directors liable for the dues. Therefore we then send a notice to the Company from the a third party (mocked up) for the due amount. With this notice we go to the Director for his share of liabilities, his non payment holds him liable and can also attract Jail Term. So we then leave two options to him settle the amount and stay in the company or leave the company and you take over the liabilities
Helpful?
21+
21+
Adv. Sachin Sukumar
Delhi | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Startup lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
