Minor shareholder

Dinesh Malik (Querist) 24 July 2009 This query is : Resolved
In a private limited Company, there are 3 sharholders - A, B and C.

A is adult and B & C are his two minor daughters (under his guardianship). Is is ok?

Whether this fulfils the requirement of minimum two shareholders in a private ltd. company?

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A V Vishal (Expert) 24 July 2009
Dear Malik

The company act doesnot prescribes any qualifications to hold shares, hence, the two minor daughters are eligible to hold the shares and there is absolutely no problem as it fulfills all the requirements.

Nehal (Expert) 24 July 2009
All the shareholders should be major, as they should have contractual capacity to subscribe to the memorandum.

Manish Singh (Expert) 03 August 2009
there is no bar for a minor to hold shares in a company. but for being a director, it may be disputable.

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