[Anita Kaudinya]

Hi, If a director promoter resigns before paying subscription money, what to do with his shares and how to file inc 22a?

Thanks & Regards

Anita Kaudinya
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Company Secretaries
B-5/501, Experion Heartsong, Sector-108
Gurugram, Haryana-122006

[Ravindranath Tagore]

He has to pay the money and take the shares. it is like a debt he owes to the company. Then transfer the shares as per the process after filing INC20-A

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[Anita Kaudinya]

He is not interested in doing anything the remaining director wants to run the company as till now only he is doing everything including exp

Thanks & Regards

Anita Kaudinya
Ask Associates
Company Secretaries
B-5/501, Experion Heartsong, Sector-108
Gurugram, Haryana-122006

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[CA Rajesh Sewlani]

he has resigned from director promoter

that cant change subscribers.  he will remain subscriber to MoA/AoA - 

even if he is not interested to continue -   other promoters can pay him and he can transfer this to company as subscription money

other promoters can do share transfer formalities and take the shares.

this is easy unless there is litigation among promoters and they are not on talking terms.

if this is not possible due to litigation among promoters - deposit subscription money from any other promoter to comply with rules of INC20a and give explanation in other attachment

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Regards,

CA Rajesh Sewlani

 Chartered Accountants

1307, Cosmos Towers | Sarovar Vihar Road | Sector 11 | CBD Belapur | Navi Mumbai 400614

t+91-22-66098000/01/02  m. +91 89551 00000 www.rcsa.pro raj...@rcsa.pro

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[Prahalad Kumar]

Completely agree with the point of CA Rajesh. 👍 

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[Vinod Kumar Agarwal]

The legal position is that once you subscribe to the shares, you are legally liable to pay the money to the company irrespective of any change. The amount is a debt due from the subscriber and is legally recoverable by the company and/or liquudator, in the event of winding up

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[Anita Kaudinya]

Problem is out of total two directors/promoters one is not responding the other one wants to run the company and saying that resignation he can get signed from him but he will not pay a single rupee and also will not do anything else transfer etc. there is no dispute but one is adamant tht as the business as planned could not be started he don't want to be associated with the company in any manner. Can we appoint a new director and issue those shares to him and attach an explanation in Inc 20a?

Thanks & Regards

Anita Kaudinya
Ask Associates
Company Secretaries
B-5/501, Experion Heartsong, Sector-108
Gurugram, Haryana-122006

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[Vinod Kumar Agarwal]

Please discuss on phone 98101 94149

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