Private limited company

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2013 I hold 25pct shares in a Pvt Ltd Co duly registered under the Companies Act. I retired from active involvement in 1999. The Company continued operating with the MD and a wholetime Director but they slowly n steadily siphoned out more than 1 crore thru HV Drafts into Benami accounts or by large bearer cheque withdrawals.
They refused to hold any meetings either but filed fabricated annual accounts with the ROC (found out by me years later after a mad run around).
In 2002, they informed Principals that they had taken over all business of the Pvt Ltd Co and started a Partnership firm from the same office as the HO of the Pvt Ltd Co(PLC).
They informed some of the authorities that they were closing down the PLC and even encashed a large Guarantee Bond filed with Bombay Port Trust years earlier.
I managed to freeze some of the PLC accounts with the banks as I was a signatory to them. I even managed to get some statements from the banks which showed huge withdrawals to unknown entities (using the fact that bank computerised statemts do not show the name of the beneficiaries).
I have lodged a formal complaint with the ROC but very little is happening; though lately I heard that the ROC has filed cases against the two Directors for not holding the AGM and for not filing annual returns.
In turn, these two Directors have in 2010 filed on line for voluntary winding up of the PLC under some bogus Resolutions they claim passed without any meetings being held.
The PLC has assets running into 30 lakhs, I have done tracing of another 35 lakhs held in their Benami accounts and I hear they have purchased paintings worth another 40 lakhs at cost.
Where do I start I just do not know.
Can anyone advise me

Aalok Chhaperwal

Aalok Chhaperwal (Expert)
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23 September 2013 As shareholder you have many rights such as calling on extra ordinary general meeting and propose the induction of Director which is in of your favour, also you take the companies board before CLB for oppression and mismanagement.

Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2013 Thank you, Sir, for your response. However, though I know they are in the same office and are collecting statements from the bank(though the account has been frozen by me)they refuse to accept any mail- courier, Regd Post AD, and even ordinary post sent UPC, with mention "left- unknown".
Can I send Notice to their residences regarding breach of ROC rules.
You mentioned about CLB but frankly I am ignorant of this route- can you throw some light on it. I am an aged person 70+ and all my savings went into this Company which was my brainchild.
My mistake was impulsively resigning Directorship when I found there was a financial fiddle going on by those whom I trusted.

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