We were 3 directors of a pvt ltd co after the lending bank got a settlement between us 3 1 of my co director entered into a notarised agreement detailing the compensation and take over of all liabilities and compensation payable to me and issued cheques too for the same pays the first installment then stops further payments and goes back on his commitments too stating that the agreement is not registered hence it is not binding on him, my question is what is the legal validity of this agreement, pls note agreement mentions clearly any writing procedure or legal documentaion or registeration arising out of this agreement is sole responsibility of him and not me and he shall only bear the expenses of the same i will only have to co operate
2 Answers from Attorneys
Dear Sir / Madam,
You should maintain the Agreement to protect your interests as it specifies that the director has taken over all the liabilities of the Company. Actually, a valuation of the Company should have been done to ascertain its net worth and the amount that the director taking over the liabilities ought to pay you for exiting from the Company.
Does it involve immovable property? If yes, then only it requires registration, not otherwise.
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