Chapter 4: Section 66(7)

Corporate & Other Laws

Can anyone pls explain this section A member of the company, past or present, shall not be liable to any call or contribution in respect of any share held by him exceeding the amount of difference,if any, between the amount paid on the share, or reduced amount, if any ,which is deemed to have been paid thereon, as the case may be, and the amount of the share as fixed by the order of reduction.

Neha Baliga

CA Inter

★ 16K+

10-Mar-23 20:14

438

Answers (1)

Best Answer

This section says that liability of a member in respect of calls or contributions made before the reduction of share capital shall continue as if the reduction had not taken place. This means that any unpaid calls or contributions made by a member before the reduction in share capital will still be due and payable even after the reduction...

Barani Tharan

CA Final

★ 112K+

11-Mar-23 01:00