Twenty years back one of my colleagues resigned and started a company. As part of raising resources for expansion and modernization the company raised foreign current bank loans and went for Public Issue duly listing the equity in the stock exchanges in the year 1996. The equity was priced at Rs.25/- (Rs.10/- with a premium of Rs.15/-). Upon ex-colleague's request we about 10 friends subscribed to the equity to the extent of Rs.10.00 lakhs.
Three years down the line, due to Foreign currency exchange rates differences, the repayment of principal amount of the loan had gone up and company suffered loss. My ex-colleague, the promoter inducted an outsider by selling part of his equity. During that time, the company discontinued with the listing in the stock exchanges and we friends could not liquidate our holdings since then.
However we have been checking in the MCA portal to know the financials and the required statutory documents filed by the company. The company filed the documents with delay upto 2013. We had observed that the company has been doing exceedingly well in the last 5 years and earning good profits. However no AGM notices are sent to the share holders and no information is provided to them on the affairs of the company. When we took up the matter with the ex-colleague, he said that he became a minority promoter and the majority promoter is not caring his words and running the company as a Pvt.Ltd one.
The Fixed Assets of the company like Land and Building multiplied by atleast 10 times of the equity capital of the company. However as the company is de-listed we are unable to take up the matter with the stock exchanges.
How to get back our money invested about 18 years back, as the unit is doing well and earning profits.
