Where a company continues to carry its business with number of members below the statutory minimum( 7 in case of Public Company; 2 in case of Private Company); for more than 6 months; then all the members remaining which are cognizant of such fact will be liable personally for the debts of company incurred after a period of 6 months.
For the Purpose of Statutory minimums; refer the table given below:
Liability under section 45 arises only for such debts which are incurred by the company after a period of 6 months from date of reduction in number of members below statutory minimum.
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