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I had a conflict with my co-founder of pvt limited company
02-May-2023 (In Corporate Law)
You do not have to pay towards the Companies' liability (unless it is a Criminal/ Fraud Liability against you) nor can you claim in the assets of the Company. You can claim for the 30% stake that you own in the company.
The Companies Act restricts the ability of a company to indemnify its Directors and officers against losses. The Companies Act, however, does not prevent a company from taking an insurance policy for its own protection against loss caused to it by its Directors. Further, the Director can take out a policy to recompensate the loss he suffers because of his liability to the company. The premium for such policy may be paid by the company itself.
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Adv. Chikirsha Mohanty
Delhi | 200+ Answers
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