Roshan Limited, with a limited liability of its members by guarantee of ₹ 12 lakhs to each member. The company increases the liability of the members from ₹ 12 to ₹ 20 lakhs by an alteration made in the liability clause of the Memorandum of Association. Referring to the provision of the Companies Act, 2013 decide, whether the members of the company are liable for the increased liability.
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The memorandum of association of a company is an important corporate document in India. It is often simply referred to as the memorandum. In the India, it has to be filed with the Registrar of Companies during the process of incorporating a company.
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