Sirs,
I am the founder of a Ltd company. The company was started with 5 Directors and a total of 7 share-holders. My Wife is one of the promoter-Directors. The Technical know-how and the intellectual capital was coming from my side (Say, A and associates, consisting of 3 Directors), whereas the Financial capital was to come from the others (Say, B and associates consisting of 2 Directors). "A and Associates" consist of 3 shares holders constituting only 10% shares whereas "B and Associates" consist of 4 share-holders constituting 90% shares. This was the arrangement formed reccently, with the premise that "B and Associates" would bring in the capital. But unfortunately, later we learnt that "B and Associates" are not at all in a position to raise any capital. Further, they have not even contributed towards the shares that were allotted to them. Also, in good faith, "B" was named the MD of the company just because he was to get the entire capital. However, that didnt materialise.
In June 2016, we had a board meeting wheein we confronted them and asked them as to by when they would raise the requisite capital. They sought 1 months' time (over by mid July) but could not raise any. Now, when we are telling them to quit, they are reluctant. They have become a hinderance now. We want all 4 of them (B and Associates) out permanantly. What is the way out?
Regards
