Corporate Issues
JEGADEESAN
(Querist) 04 February 2011
This query is : Resolved
Dear Sir/Madam,
I wish to clarify one doubt i.e.
M/s.Sri Forex Pvt Ltd was incorporated in 2002 with 2 Shareholders cum Directors Mr. X & Y .
Now Mr.X one of the shareholder cum Director wants to stop the business activity & also block the another one Director Mr. Y's power to include any other person in the company.
1.What is the way to block the business of that company?
2. Mr X one of the Director also not intend to relieve from the company?
Your immediate reply subject to Corporate Law ,will make me glad
A V Vishal
(Expert) 04 February 2011
Who holds the majority shares and what is the status of Mr Y is he an executive director or a non executive director.
Advocate. Arunagiri
(Expert) 04 February 2011
1. Majority decision will rule.
2. If Mr.X is having enough share holding to win the director election, no body can remove him from the director ship.
JEGADEESAN
(Querist) 05 February 2011
Dear Sir,
Thanks for your reply.
Actually both are held the shares equally.Both of them are non-executive Directors.
In this situation Mr.X wants to stop the business & block another one director's(Mr.Y's) powers regarding the company matters.
Actually is there any way to do like that lehgally?
A V Vishal
(Expert) 05 February 2011
There are many ways by which the Director X can be tackled. I suggest you visit a good company secretary who has indepth knowledge of company law and has tackled such situations in the past. If you are in Chennai then I could possibly suggest some good CS who can take up your issue.
JEGADEESAN
(Querist) 05 February 2011
Dear Sir,I am in chennai.Pl refer the CS
Regards,
S.jegadfeesan
