Breach of mou for company transfer and business losses due to breach of contract
navneet
(Querist) 02 August 2013
This query is : Resolved
in jan 2013 we purchased a private ltd co. in 44 lacs from their ex-directors, where a mou was made, we paid 22 lacs and balance is to be given till 31-12-13 in installments, however co. transfer done peacefully, physical possession of goods also given. in mou the office premises that belongs to third party landlord, ex-director gave us tenancy right till sep-2018 in same rent, but when landlord came to know about the co. transfer ,they refused to continue with us and ask to vacate the office premises, earlier a lease deed was made between landlord and ex-director of the co. till sep-2018, landlord says that he is not bound to continue with new director however he gave rent the office to ex-director of co.
for this dispute we have to vacate the building on 31-7-2013, and the ex- director ceased our all office physical goods on the ground that he not received his full amount 44 lacs that's why he is right to take his assets back, now after paying 22 lacs , we came on road, our approx 40 employees have no future they got de-employment instantly, we have no input for the amount paid, no office data,file,record we have all things are ceased by the ex-directors and he is now selling the office furniture fixtures also. for this act our business got shut down immediately and huge loss occurs in market,society,in clients every where. pls suggest how we can recover or what will the remedies against the act done by ex-director, any criminal or civil proceeding? any damage compensation ?
Devajyoti Barman
(Expert) 11 August 2013
The proper remedy is to to go for his removal and injunction before the Company Law Board.
