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ESo my friend wants to make me a director in an agro based Private Limited company which is has paid up share capital of 1.5L. and an authorised share capital of 1.5Cr. I am aware that the company has a debt of 1.5Cr from Canara Bank already. Can someone please explain the legal implications and personal liability i can face if i am made a director in this company and the company defaults on the loan. Also if i am made a shareholder and partly pay for shares and the company defaults can the loan be recovered from unpaid shares or can i just forfeit the shares to limit my liability? I am in the preliminary stages of this so i dont need a detailed legal opinion. Just a guided opinion to get a better understanding.
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