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Company sold but registered office not changed


01-Apr-2023 (In Corporate Law)

Hi, We had a company say XYZ pvt ltd registered in Faridabad. A Maruti Omni was bought in the company's name. The address registered for both was an address in Faridabad that we had on lease. Later we sold the company to someone and the names of directors got changed. This reflects on the ministry of corporate affairs(mca) site as well. But they never changed the registered address for the company or the vehicle. Now the vehicle has met with an accident and the court has traced it to us via the registered address. The address is not leased to us any more. Are we liable in any way?

Answers (2)

Answer #1
945 votes
Sir as per the situation delivered by you, a right to indemnification is with you but as the name has not been changed therefore you are still liable as it was your duty too to make all the compliance while transferring the assets as required which you did not carry out therefore on that account the court may held you liable however a right to indemnification shall vest with you . The case totally depends upon how well your lawyer put forth his arguments before the court.
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Answer #2
887 votes
As long as you are able to prove with documentary evidence that the car did not belong to you at the time of the accident you would not be liable in any way. More specifically in your case you must prove that at the time of the accident you were not related to the company to which the car belongs.
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