• About firm closing

i have manfacuring unit of more then 30 years i want to close the unit now my hubby has been looking that unit is it a simple proccere or there wl be problem i m closing unit because my hubby is taking all the money can he has any right to obect
Asked 3 years ago in Business Law from Faridabad, Haryana
Closing should not be a problem unless you are the proprietor or if private ltd., hold 100% shares in the company. If your husband holds certain amount of shares then you can be restrained to closing it. However, in view of the case as I understand it; if your husband is embezzling the money then it is mandatory that a formal police complaint be lodged.

However, please note that winding up of company if proprietorship concern is different from a pvt ltd company, which you have failed to mention in your question. Kindly note that should there be any outstanding dues on the company then the creditors would want to recover it and sue the company.Therefore, it is prudent to publicly put up a notice for winding up in a local newspaper including an English daily.

Feroz A. Shaikh
Advocate, Mumbai
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