Pvt ltd company 2 directors, want to remove my partner
raghupathy
(Querist) 20 June 2016
This query is : Resolved
Ours pvt ltd company with 2 directors. four years of the company he took more than what he invested from the company(120%). but still my 50% investment has to come from the company. we have debt in vendor payment also. so for this situation, i want to own this company with my 50% and remove the other director.
how can i do this?
adv.bharat @ PUNE
(Expert) 20 June 2016
Conduct AGM and make resolution for removal of other partner and transfer of their share in your name.
DR.VEDULA GOPINATH
(Expert) 21 June 2016
Mr.Raghupathy
First keep the evidence that your colelague director has siphoned 120% of investment. If necessary take an auditor certificate also.
Induct third director and remove the director who has siphoned off the funds.
Both the directors are equally liable for the loans of the company apart from the company itself.
Give me copy of accounts and articles etc for further guidance to you.
cs dr vedula gopinath vgnath@gmail.com
Rajendra K Goyal
(Expert) 21 June 2016
discuss with professional consultant, show him all related documents.
Advocate/CS Sanjeev Kataria
(Expert) 21 June 2016
Director can be removed in accordance with law only. In your case, matter can be filed under 397/398 before CLB for mismanagement.
At AGM, why other director will vote for his own removal and agree for transfer of share.
DR.VEDULA GOPINATH
(Expert) 22 June 2016
By the time CLB (now tribunal) gives final orders, full damage to the company would be apprehended. Tribulnal process is a long drawn out process since that dtime creditors of the company will not keep quiet.
Thus better you remove the director as per law within the management and articles of the company.
For fraud, CLB (tribunal) need not be approached. Director is in a fiduciary position and cannot misappropriate or defraud the funds of the company.
cs dr vedula goapinath advocate/arbitrator
Dr J C Vashista
(Expert) 22 June 2016
For commercial query the author is sincerely advised to engage a prudent lawyer and not to depend upon and misuse FREE SOCIAL SERVICE on this platform.
DR.VEDULA GOPINATH
(Expert) 22 June 2016
Agree with learned colelage Dr JC Vasista
dr vedula gopinath
