LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

vinayaka (manager)     19 April 2013

Help required

Dear sir,

        i am running a pvt ltd company with 51 % share and i have one more director who is having 49% share.

the other director who is having 49 % share is 85 yrs old and want to retire. our company has business and land owned. now he is requesting me to give the land and asking me to take business and with portion of land for running the business. (land is in the name of company).

can somebody help me out in how to settle him out as i dont have enough money to buy his shares.

as it is urgent because he is not allowing me to do the day to day business activities and asking to settle him.

 

please help me out on how to go on



Learning

 2 Replies

RAJAMANICKAM RAJENDRAN (ADVOCATE)     20 April 2013

Dear Sir

 

Can u send me your Balance Sheet as on 31.3.2013 to assess the company assets and liabilities.  else, you may advise the information to me at rr011800@gmail.com        My contact No. is 9989348891 (Advocate)  :  R.RAJENDRAN


(Guest)

Being a private limited company, your company does not require sanction from ROC for selling the assets. If the same is the situation as you envisaged, go for assessment of value of land and you can sell the land for the cost arriving and shell out money and thus purchase the remaining 49% shares. As it is it being necessary for a pvt ltd to have minimum 2 directors, you can appoint new director who will or can buy remaining 49% of shares. 

1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register