This is pertain to one of my freind question for which he want some suggestion.
There are 3 directors in the company. My freind is a third director.
Company was established last one year back. My freind is holding 0.010% of shares.
The first director without the consent of second and third director start issuing company cheques and this cheques got bounce for which Sec 138 apply to the company because it is a company cheque.
Just want to know whether this will create problem for all directors.
Once my freind came to know all this matter, he immediately told the first director to resign from the company as directors because notice is also coming to 3rd director if the first and second director notice not taken.
However he has sent one letter to ROC and one letter to Company registered office by using Regd Id as well as Regd Post two times and also taken acknwledgement from ROC.
I just want to know whether he is free from his duties or if any one file case, he will be in problem.