prabhu (Manager) 26 March 2014

Cancellation of sale agreemeent

I AM ONE OF THE DIRECTOR OF THE PRIVATE LIMITED COMPANY. WITHOUT ANY BOARD MEETING AND RESOLUTIONS MANAGING DIRECTOR OF THE COMPANY ENTERED INTO THE SALE AGREEMENT FOR A PROPERTY WHICH BELONGS TO THE COMPANY. WITHOUT THE SIGN OF ME HE ENTERED INTO THE SALE AGREEMENT. BUT THE SALE IS NOT EXECUTED. BUT THE PARTY WHO GOT THE SALE AGREEMENT , GOT THE EXPARTE ORDER FOR SALE EXECUTION. HE DIDNT GIVE ANY NOTICE TO ME . IS THE SALE AGREEMENT IS VALID WITHOUT ALL THE DIRECTORS SIGN. AND BOARD MEETING ?PLEASE ADVISE HOW TO CANCEL THIS SALE AGREEMENT.

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adv.raghavan (Advocate,9444674980) 27 March 2014

If your company Bye-law says, all transaction with related to purchase and sale of properties had to be done with the approval of board, and MD cannot take any unilateral call, then u have a case. Ask you counsel to file set aside petition and fight the case on its merit. Whether the sale agreement is valid or not ,is upto the directors to take a call against the MD. If it is ULTRA VIRES u can contest the same.

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