Deadlock

This query is : Resolved

Sneha (Querist)
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22 August 2013 X family and Y family have 50-50 shareholding in a private limited company. Members of Y are on the Board of Directors of the Company. The entire operations are managed by Y and the control vests with them as well.

Differences have ensued between X and Y. What are the remedies to safeguard the interests of X? Is there a way X can stop the company's operations or go to CLB in case of misconduct by Y?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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08 September 2013 You have not given the incidences of dispute. As regards X is concerned they should start with service of notices and supply of Balance Sheet. If notices are not delivered then they can file mismanagement application and declare all the meetings as void ab-ini-tio