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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2016 I am a founder of pvt ltd company. Afetr two years of succesful workung I resigned from office and other partners are working as directors. I hv 20% shrae my wife 20% share and other 3 friends 20% each. Those directors are now in majority. But they did not called AGM, not issued any dividends, not calling us in any meeting. I want to take an legal action. please advice where should i make complaint and what way will better to me.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2016 well, not issuing the dividend is not a problem. It is at the discretion of directors.

to start with you can start with sending a requisition for a EGM. refer https://www.taxmann.com/emailer/images/pdf/Sections100-02.pdf

if this doesn't work out, then approach tribunal for a meeting under section 98

contact a lawyer, CS or a CA for proper guidance.

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2016 thank you very much for providing information.
in this respect, which body means the tribunal is it kachahri, DM, high court or MCA office.
If two members present in case of Pvt Ltd company is it Quoram to complete EGM if Directors are not present in Meeting. Can a Director be dismissed from post and new directors appointed in such meeting

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Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2016 Thank you very much for helping me.
I approached police against directors mismanagement and got a positive response. In between The present directors increased share capital of company by 10 times without our Vote. The police inspector has directed the directors to settle a value of our shares and give us the exit option. Please tell me how should I demand the exit value of our shares.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 April 2016 dont know if a police inspector has any power to arbitrate in this matter. anyways, kindly ask your CA to do FMV of the company to compute the exit value.