Pvt Ltd Firm Not giving share profit and salary

Querist : Anonymous (Querist) 10 November 2009 This query is : Resolved
Dear All

I invested 50 lacs rupees in a pvt limited firm and became a director. I have 25% shares in my name how ever the MD of company has not given me any share in profit as well as directors salary. On scutiny of accounts i found that he along with other director siphoned about 10 LACS RUPEES for his personal use since may 09.

please advise what can I do to this company md and other director who happens to be relative of MD

Regards

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Raj Kumar Makkad (Expert) 10 November 2009
Immediately move a legal notice through a counsel and then simultaneously make complaint to company law board and MD and if become fail then appoint arbitrator so that you may be saved from ruine otherwise in the given circumstances, you shall have nothing in your hand after some more time.

Manish Singh (Expert) 16 November 2009
file an application u/s 397/398 for oppression and mismanagement to the Company law board. you are entitled to approach the CLB. all your grievances shall be properly sorted out. management can also be ordered to restructured.

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