Company transaction account seized due to partnership dispute

Deepak (Querist) 09 October 2014 This query is : Resolved
Sir,

My friend runs a Private Limited company where he owns 82 percent share, and rest 18% divided equally among his family members(brother, sister, and mother). Due to some dispute, his family members had a board meeting and decided to give the account transaction rights to the brother who has 6.33% share for which my friend opposed saying that he is the major share holder. So now the bank has stopped the transaction, money from business is deposited into account but not able to withdraw. In this context can't he withdraw money for salary purpose of employees.

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Guest (Expert) 09 October 2014
First Meet the Branch Manager Discuss the Issue along with Advocate and Serve the Notice to Other Directors and Proceed accordingly.

Rajendra K Goyal (Expert) 09 October 2014
Consult a local lawyer and get orders against the Bank to allow to start business transactions in the account.

Whether the account is deposit or loan accounts in which proceeds are being deposited?

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