07 March 2013
Dear All, XYZ is a pvt ltd and has A (Father) B (Mother) C (Son) D (Daughter) as members of the company, now C increased the paid up capital and allotted it to him and his wife, thereby the share of D has been decreased considerably.... Now what is the remedy available to D.
07 March 2013
Your query is not clear, how did C increased the share capital and how share of D decreased
Querist :
Anonymous
Querist :
Anonymous
(Querist)
08 March 2013
No sir, ABCD are the directors of the company since family members are the directors sole authority is vested with C and C by passing a resolution in Board meeting without the knowledge of D increased the paid up capital of the company and alloted the shares to him and his wife. Now the percentage of share held by D decreased because new shares are alloted to C ... So is there any option or remedy to D
08 March 2013
In my opinion D can file application for prevention of oppression and mismanagement u/s 397-398 provided if D holds at least 10% of issued share capital of the company. Wait for other opinions