Share holder rights

Bijoy Deka (Querist) 28 December 2009 This query is : Resolved
In a Pvt. Ltd. Company Directors and Managing Director signed an agreemnet for extension of Managing Directorship post for another 5 years by violating the Article of Association and Companies Act 1956. Can a share holder challange this agreement on High Court. Also this agreement is not passed in the AGM. It will be highly appreciate if any one can give case reference in this regard.

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Raj Kumar Makkad (Expert) 28 December 2009
Definitely a shareholder is an owner of the company and if any violation of statutory rules has been made as in the given case, he has every right to go to HC as well as before CLB seeking quashing of all illegalities.

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