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Claim on performance clause by Director of company
18-Feb-2025 (In Labour & Service Law)
have resigned from active duty two years back in a company where I was a minority share holder. I gave my stake to majority stake holder. I received a categorical no dues certificate from previous establishment mentioning no obligation. sighned and stamped
There was a problem with other 2 existing partners a majority vs minority.
Now the majority stake holder after 2 years is making me liable to a performance clause when the company was established. It's a pvt Ltd company now dissolved .
Since you resigned two years ago, transferred your stake, and received a No Dues Certificate, you are generally not liable.
Key points:
No Dues Certificate – This document proves you had no further obligations when you left.
Company Dissolved – Once a company is legally dissolved, past agreements usually do not apply unless specifically mentioned in dissolution terms.
Performance Clause – If it was part of the original agreement, the majority shareholder must prove that it still applies to you despite your exit and the company's dissolution.
Unless they have strong legal grounds, their claim is weak. If they pressure you, you may respond legally or seek professional legal advice to protect yourself.
Helpful?
Adv. Nikhil Nagpal
Delhi | 25+ Answers
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