Chit fund company

monami basu (Querist) 04 August 2013 This query is : Resolved
Hi, my clients are a group of hapless directors of a chit fund company. The founder of the said company has cleverly excused himself from being one of the directors and remained a consultant while the others became directors. While they worked on paper, he surreptitiously made away with money. Now after the infamous Saradha scam, funds have dried up and the agents are hounding up the directors who are facing high problems, while the so-called consultant is sitting pretty. His liablity can be proved by the fact that in many cases against the company by Sales Tax Dept, Income Tax Dept etc., he had been summoned and submiited depositions.
Now my questions are:
1. How to try this man who is the real convict by law without touching the directors?
2. What protection can the directors get against the agents who are running after their lives?
3. The directors want to sell off the company's properties in order to raise money , but SEBI has put a prohibitory order against the same. How to stay or contest the said order?

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Devajyoti Barman (Expert) 04 August 2013
The Directors have no escapee route but to refund the money of the investors and wind up the company.
The Directors shall be solely responsible for the acts done by the company and in absence of documentary proof the founder may not be nabbed.
The prohibitory order can be challenged in appellate body of SEBI.