Can comapny Stop salary if one direcor is not ready to work more than 5 years.
Querist :
Anonymous
(Querist) 12 May 2011
This query is : Resolved
There are 2 directors in company. One director was not ready to work more than 5 years.
If I will have a board meeting about it , I can not take majority, because we are 2 directors.
He refuse to appoint one more director.
Kindly tell me what can I do in this condition. I have 95% share, and he has 5 % share. there are only 2 shareholder in company.
Guest
(Expert) 12 May 2011
SIR,
YOU MAY KINDLY SEND DETAILS REGARDING THE MEMORANDUM AND PROSPECTUS WHICH INCLUDES ALL RELEVENT INFORMATION.
STILL AS YOU HAVE 95 PERCENT SHARE HOLDING ,YOU CAN TAKE YOUR OWN DECISIONS. BUT KINDLY ISSUE NOTICE BEFORE TAKING ANY DECISION.GOOD LUCK.
Heaven 2011
(Expert) 12 May 2011
Dear Sir/Madam,
i think that yours is a private ltd company. In pvt ltd company or closely held company such discrepancies occur. It is true that the requisite quorum will not be there if the other director does not operate. But i would advise not hold a physical meeting even a paper meeting will do provided that the documents are ok. Like minutes books, attendance registers etc. In private company more than two directors are not mandatory. However you may appoint any of your share holders as a paper director (non executive.
