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of <h1>Directors with Unlimited Liability Must Be Notified in Writing; Fines Apply for Non-Compliance; Liability Still Stands</h1> In a limited company, directors or managers may have unlimited liability if stipulated in the company's memorandum. When appointing such individuals, a statement indicating their unlimited liability must accompany the proposal. Before accepting the role, they must receive written notice of this liability from the company's promoters, directors, or officers. Failure to include this statement or provide notice results in a fine up to ten thousand rupees and liability for damages incurred by the appointee. The appointed person's liability remains unaffected by such defaults.
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