we are a Pvt. Ltd. company where all shares are owned by family members ( brother,sister,son,nephew,daughter in law). The land on which our factory is running is leased land from government.
Now, one of my brother wants to exit the business since he has started same biz with other name. He wants us to buy his shares by giving him share value as per Audited balance sheet. he also want us to give him extra money for land, building & machinary. we told him that we are ready to give you money as per balance sheet. since land is leased by government to us, we cannot give you money for it as we are not owners of land. As far as building & machinary is concerned, it has been covered in balance sheet.
Now, he is threatning us to face legal action. we told him that your share will be purchased by other person & the company is not liable to buy your shares. Kindly guide us.
