Shareholder dispute in a 2 director 2 shareholder with 50-50

oracle24 (Querist) 12 November 2017 This query is : Resolved
Hi,
I had formed a pvt ltd co. with another person and we were 50-50% shareholders and we were the only 2 directors. Now he has taken full time employment with another company and is not cooperating to run the company. He has asked me to stop operations of the company. However, I want to continue with the firm. Do i have any recourse by which I can continue the company.

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Advocate/CS Sanjeev Kataria (Expert) 12 November 2017
it seems form the facts you mentioned that there is deadlock in the management of the company, you can appoint another director by holding single person meeting with prior approval of concerned NCLT and continue with the business, before that another director is to be served with notice for board meeting .

Rajendra K Goyal (Expert) 12 November 2017
You can form another company and after completing procedure take over the previous company.

krishna mohan (Expert) 13 November 2017
Yours is a pvt. limited company. If yes then you have to see your byelaws and MoA on induction and retirement of members to pass necessary resolution and submit to ROC. His share are to be bought by you or by new share holders in terms of your share holding pattern etc., you may consult able lawyer or qualified company secretary for right advise after perusal of all relevant documents and rule position.

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