Dear Experts,
I was working with pvt ltd company till Feb 2013. It is wholly owned subsidiary of MNC. The subsidiary was registered in June 2009. I joined in august 2010 and was made incharge of Indian Operation. Since my joining, I had faced cash flow problem in the company and managing the company with fire fighting tactics. There are voilation of statutory compliance since incorporation. With utter disregard to advice of Legal Advisor for which company was paying him good money for service, no pain was taken by the management to rectify the non-compliance of statutory obligation. First two Directors of the company were foreigners and one of them left the company in Oct 2010. In Oct 2011, the management decided and appointed me a director from back date in order to continue work in India and complete its project and clear its statutory compliance, however even the second Director refused to sign any documents. The issue of non-compliance continued till Aug 2012, where by on my insistence of resign, the management appointed two more directors. Because of only one project in hand and constant fight with the client, during one of the meeting with owner in Oct 2012, the owner of the company told me to take over this company. I told the owner about the statutory default and liabilities of the company and apprised that the only way to clear all liabilities and defaults is to refrain from fighting with the only client in India, fulfill our obligation in order to have steady income . He promised me to transfer 100% share of the company for One USD. During my subsequent mail for approval of the said decision, he didn't replied and we wasted another three months fighting with the client and in January end the management of my company wrote a mail to the client in India of backing out of Project. Later on because of certain compulsion, the client agreed to make timely payment and company decided to resume work. Till January, I was handling the bank account of the company as joint authorised signatory and duty fully disbursed cash to the tune of 2cr in my service tenure. In difficult time, I have deferred my salary for months and paid customs duty for company goods from my personal account. Going by the past record of the company for not paying full and final dues to its staff as senior as Director Sales for almost one year, stopping payment to legal advisor for months without terminating contract, I became suspicious and forced upon management of the company to pay all tax defaults, clear all liabilities, clear statutory non-complaince and clear my name from defaults; then only i will allow to use the company funds. Upon which they started teaching me lessons on my obligation to look after the interest of the company first as an employee, which i didn't agree and made a transaction from company account to clear defaults. For this action i was immediately dismissed from service.
My question are;
What Legal recourse do I have?
What Legal recourse do the company have to recover the money?
Sincerely
Akshay Kumar
