regarding problems lying in maintaining business aethics wit
Querist :
Anonymous
(Querist) 15 November 2009
This query is : Resolved
As two directors have formed a Pvt. Ltd. company and nearly two years have passed no resolution have been passed for deciding the Managing Director how to control or take action against the directors who are not maintaining business aethics in terms of non submission of Govt. liabilities in proper time, making association / joint venture without passing board resolution, inaugaurating laboratories by ministers displaying the name of the Company which is not at all belongs to the company property, the one director is not giving the due importance of company meetings as well as Extra ordinary general meetings and not signing the minutes of meeting which have been resolved in the meeting. What legal options can be taken against the director? Further he is also not maintaining the internal MOU which was framed by creation of two business group. His action are putting the company in problematic conditions and unnecessary liabilities created by the mentioned director which the other director do not want to take. What to do? I am totally confused and really need a help to make the thing in its proper way and to sustain the company even if the other director is out of company, remember its a 50:50 share, kindly help
Raj Kumar Makkad
(Expert) 16 November 2009
At least 2 directors are necessary to sustain a company so you have to bear him till the solution to the prevailing problems told by you in detail in your quarry. I suggest to bring all the facts with all evidence to Comapny Law Board and also to High Court through a petition. Definitely either an arbitrator shall be got appointed or company can go in liquidation.
