Shares got transferred by director without purchase
Ashok Mehrotra
(Querist) 29 August 2011
This query is : Resolved
Sir,
I am a Consultant for the Pharma Companies, residing in Delhi
I have worked as a Consultant to a Pvt. Ltd. Pharma Co. in Delhi and having a agreement for my Services. Apart from this I am also 2 % Share Holder in the same company. The Company is having Two Promoter Directors only.
The Directors (2 No.) went into for division of their business and made a MOU and I have signed the MOU as 1st Witness. The same MOU having condition in which they shown as the both the Directors having 50% Share Holding in the comapny. As I have signed as witness in the MOU and one of the amendment too on good faith as they promise to settle my issue also in due course.
I have not sold my 2% share to any one of the Directors nor taken any money as price for the share not sign any Share Transfer Deed at any time. But one of the Director got Transfer my share in his name and also filed the Annual Return with the ROC shown over their that my share got transfer in his name.
The singing as witness in the MOU in which I am not shown as a Share Holders of the Company means that I have sold my share or deemed as as I have sold my Shares ??.
The same Director is not willing to pay the cost of my shares nor he is ready to registered again my share in my Name as he explain to me that you already witness the MOU & Its amendment as we both directors are 50%, 50% share holder in this company if you go to any of the Court / CLB then I will show that MOU that you signed as Witness.
Kindly suggest, can I have the matter to file a Case against the Beneficiary Director and to what extent my witness goes against me in the court of Law.
Kindly suggest me the appropriate remedies in which court and what kind of case I can file against the Director of the company.
Thanks & Regards
Ashok Kumar
ajay sethi
(Expert) 29 August 2011
1) always before signing any document read the contents and try to undertsnd the implications .
2) you have sttaed that you are 2%shareholder . do you have the share certificate?
3) the fact that you have signed MOU would go against you but you can take the stand that you are only a witness and you were not aware of the contents
4) issue legal notice to director that he has fraudelently transferrd share in his name and false returns have been filed .
5) file criminal case against director .
6) you can also move the company law board against directors
