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Advise for start up investment laws in India
08-Nov-2023 (In Startup Law)
Hi Team, I work for an IT Company. As per agreement an employee is not allowed to own a company. But if my wife wants to start a Pvt. Ltd. company, is it legal to lend money to my wife as loan ? Also can I buy bonds of this company and become major share holder / creditor for the same company? Also please let me know if there is any other way to be a major stakeholder in same company and not violating my current job agreement. Many Thanks,
1. There can not be any such clause which can restrict your fundamental rights I.e as per the terms of employment clause
2. You can not be a creditors or you can not lend money to anyone to start any such kind of business which is competitive to your present job profile
3. Yes u can be preference share holder up to 99% of the share capital without voting rights you will be entitled for fixed dividend
4. You can be the member or shareholder of the company limited by guarantee also
5. You can invest as in any legal form as this is your fundamental right.. so there is difference between shareholders and owner of company
2. You can not be a creditors or you can not lend money to anyone to start any such kind of business which is competitive to your present job profile
3. Yes u can be preference share holder up to 99% of the share capital without voting rights you will be entitled for fixed dividend
4. You can be the member or shareholder of the company limited by guarantee also
5. You can invest as in any legal form as this is your fundamental right.. so there is difference between shareholders and owner of company
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Adv. Satya Prakash Hariom Shukla
Mumbai | 25+ Answers
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Yes, your wife can be the director of a private limited company. However, we shall need to check yout agreement clauses to understand in detail and thereupon comment whether or not you can be a major stakeholder in a company owned by your wife. However, it is best recommended to discuss this concern with your company's legal team for a better understanding.
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Adv. Roshni Lachhwani
Mumbai | 100+ Answers
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