Dear sir
During the year 2005-2006 when i was working in some other company, one of our friend registered a company by his family member with 4 director but in that company there was no activate carried out. During the year 2005-2006 he asked me to invest in the company myself and other12 people invested in this company. Totally 13 member invested out of 13 member 9 member are director. from my side my wife is Director.
From 2007 company started making good profit and conducting regular meetings with Board Directors and distributing Profits. We have given full responsibility to our MD since he is major investor. And he is having so many other business attached to our factory premises’
After 2 year our MD act like a owner of the company taking major decision with conducting meeting and Extending and caring out all his personal business activity in our office and compound without getting any board approval. Most of the Board Director asked him to conduct board meeting but he his somehow not interested to conduct meeting. Since our MD is good personal relation with all director, but Not in Business. So nobody don’t want to express directly but everybody is un happy with MDs activity and most of them are ready go away from this company without spoiling friend ship and in most wart they are ready for legal action . Now my clarification is.
1) How to call a meeting without MD permission is there any produce to call pvt ltd company board meeting.
2) How to avoid his personal activity in our premises’
3) When we invested in this company company net asset was 3crore now the net asset is nearly 13-14 core some of the director interested take back their share capital. what is the procedure.
4) Some of the Director expressed that if we asked back the share capital MD may agree but while making property valuation he may misuse the valuator. So what is the systematic and legal way to get back our money as per new asset valuation and how to asses company valuation.
Please kindly give your valueble guidence
Thanking you
prasad
