"Shareholders are liable to pay on the money due on shares even if assets of the company exceed its liability." Is this statement true as per the provisions of the Companies Act, 2013?

"The privilege of limited liability for business debts is one of the principal advantages of doing business under the corporate form of organisation." The company, being a separate person, is the owner of its assets and bound by its liabilities. The liability of a member as shareholder, extends to the contribution to the capital of the company up to the nominal value of the shares held and not paid by him. Members, even as a whole, are neither the owners of the company's undertakings, nor liable for its debts. In other words, a shareholder is liable to pay the balance, if any, due on the shares held by him, when called upon to pay and nothing more, even if the liabilities of the company exceed its assets. This means that the liability of a member is limited. For e.g. If A holds shares of the total nominal value of ₹1000 and has already paid ₹500 (or 50% of the value) as part payment at the time of allotment, he cannot be called upon to pay more than ₹500, the amount remaining unpaid on his shares. Hence, Shareholders are only liable to pay on the money due on shares, even if the assets of the company exceeds its liabilities. The statement is true .