20 November 2015
Can any one please help me to solve this.
Case: AB Pvt. Ltd company is owned by 2 family groups.
A & Family Group: 76% Shareholding B & Family group: 24% shareholding
AB Pvt. Ltd company having Plastic film manufacturing business with plant, machine, workers, bank loans .
But over the time business is incurring losses because of ignorance by senior management.
Promoter & Directors of Family A and B are blaming each other for the ignorance. There is no proper control of on management.
To get rid of this Group A family (76%) wants to sell the Pvt Co. to C & family (Third party)
Third party C & family is established one and is in the same line of business for years and can very well take care of this business to safeguard interest of its employees and other stakeholders.
Third party C & family wants 100% control over company to run business smoothly with proper control.
But B family group is opposing and they are not willing to sell their 24% shares.
A & Family is a genuine and wants to handover business in proper hands.
But Family B is deliberately wants deal not to happen due to family rivalry.
What is remedy for A group to sell the Business (100% shares and other assets and liabilities) to Mr. C & Group (Third party)
23 November 2015
It is very difficult to sell Family B's shares to Family C. Shares are property for Family B. There are no laws in India which can force a person to sell its property without their consent.
Unless you get the consent of Family B, you won't be able to sell 24% shares held by Family B.
01 December 2015
If A& Family could increase its shareholding more than 90% and sell the company under scheme of amalgamation to take over all the business by C& co. (Third party) can this be solution?
A & family can increase the shareholding by purchasing more shares by way of right issue.
In that case if shareholding can reach more than 90%, B & family being dissenting shaeeholders (less than 10%) have to have sell the shares.
01 December 2015
If A& Family could increase its shareholding more than 90% and sell the company under scheme of amalgamation to take over all the business by C& co. (Third party) can this be solution?
A & family can increase the shareholding by purchasing more shares by way of right issue.
In that case if shareholding can reach more than 90%, B & family being dissenting shaeeholders (less than 10%) have to have sell the shares.
CAclubindia
