i am running a pvt ltd company with 51 % share and i have one more director who is having 49% share.
the other director who is having 49 % share is 85 yrs old and want to retire. our company has business and land owned. now he is requesting me to give the land and asking me to take business and with portion of land for running the business. (land is in the name of company).
can somebody help me out in how to settle him out as i dont have enough money to buy his shares.
as it is urgent because he is not allowing me to do the day to day business activities and asking to settle him.
Can u send me your Balance Sheet as on 31.3.2013 to assess the company assets and liabilities. else, you may advise the information to me at firstname.lastname@example.org My contact No. is 9989348891 (Advocate) : R.RAJENDRAN
Being a private limited company, your company does not require sanction from ROC for selling the assets. If the same is the situation as you envisaged, go for assessment of value of land and you can sell the land for the cost arriving and shell out money and thus purchase the remaining 49% shares. As it is it being necessary for a pvt ltd to have minimum 2 directors, you can appoint new director who will or can buy remaining 49% of shares.