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Saksham

Legal Advisor!ย โ€ขย 1y

1. It depends upon the SSA, SSHA, SHA, SAFE and alike agreements that are drafted. In a general sense, the agreements are drafted in favour of the investors and the exit clause of the agreement is made where it's the companyโ€™s responsibility to provide an exit to the investor within a prescribed time. 2. No, the founders do not face any legal action in such scenario. In the eyes of law, the company and the founders are different entities and founders cannot be held liable for such cases. There is a principle "Lifting of the Corporate Veil" which provides cases where founders can be held liable. The mentioned case does not fall in that.

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