law: Companies Act, 1956
  Sec 45    -     Members
  
  severally liable for debts where business carried on with fewer than seven, or
  
  in the case of a private company, two members. 
  If at any time the number of members of a company, is reduced,
  
  in the case of public company, below seven, or in the case of a private
  
  company, below two, and the company carries on business for more than six
  
  months while the number is so reduced, every person who is a member of the
  
  company during the time that it so carries on business after those six months
  
  and is cognizant of the fact that it is carrying on business with fewer than
  
  seven members or two members, as the case may be, shall be severally liable for
  
  the payment of the whole debts of the company contracted during that time, and
  
  may be severally sued therefor.