company law

Querist : Anonymous (Querist) 11 August 2010 This query is : Resolved
one of my client entered an agreement with a Promoter in the year 2002. the promoter is a limited company consists 3( three ) managing directors. now in the year 2010 one of the said managing directors has agreed to execute the final conveyance but other two managing directors decline to execute the final conveyance.If only one director sign the document is there any legal complication further arise or other two managing get any injunction from court, please solve the the problem with case laws.

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A V Vishal (Expert) 11 August 2010
Point 1. A company can have only one managing director and not 3 as stated in your query.

Point 2. Only the managing director or any other director(s) authorised by the board of directors by way of a resolution is competent to execute the conveyance deed.

Point 3. If majority of the directors are against the execution then the deed is ultra vires and you will face legal complications.

Point 4. Give complete details to guide properly.

s.subramanian (Expert) 12 August 2010
yes. i agree with Mr.Vishal.

Querist : Anonymous (Querist) 12 August 2010
The company has three directors, now only two of them have agrred to sign, only one declined to sign and the board of directors have no such resolution to execute the final conveyance. now what is the remedy for my client to registered the final conveyance.

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