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shx (manager)     20 August 2011

How would it turn?

A managing director of the company died bequeathing his shares to his second wife.company's director have turned hostile to the second family.the son from first wife has been serving in the company as an employee,so directors want all the shares in his name...problem is:

1)Can a will be said null n void because it is in favour of second wife?

2) How to calculate true valuation of the company?

3)During MDs illness,the other two directors appointed 3 employees of the company(who were their sons respectively),without any intimation to MD.Is that a proper procedure?do they have that rights and power?

4)if not, what action can be taken against them?

Addtnl Info.:the comany was Pvt Ltd,with three partners(they are the shareholder as well as the directors).The MD was hindu by religion.



Learning

 4 Replies

akash kapoor (*************)     20 August 2011

It cannot be null and void as it was the will of a deceased person. He can give his money to any one he likes.

ajay sethi (lawyer)     20 August 2011

1)no will cannot be null and void . probate is necessary

2)appoint a professional valuer to value the company

3) whether meeting called does the gaenda of meeting mention that it is to appoint additional directors

ajay sethi (lawyer)     20 August 2011

72 BOARD OF DIRECTORS

(1) The Board shall have power at any time, and from time to time, to appoint a person as an additional director, provided the number of the directors and additional directors together shall not at any time exceed the maximum strength fixed for the Board by the articles.

(2) Such person shall hold office only up to the date of the next annual general meeting of the company but shall be eligible for appointment by the company as a director at that meeting subject to the provisions of the Act.


 

shx (manager)     20 August 2011

thank you for the replies...


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