Groups of friends invested in a privately limited company back in 2008. Company's business is buying an agriculture land and does cultivation. 60% of invest is from NRI and this is close network friends. One NRI investor is a major shareholder and he's the director & co-founder of this company.All shareholders have share certificates for their investment. Share price is determined mainly on land price. Now some shareholders are in need of money, they want to sell the shares, since this is private company we can't sell in public. So investor approached NRI director, his response was, everyone has to wait for another 2-3 years and also he's not willing to sell the land too. If we push him hard, he said sell the shares at original purchase price, but the land price is tripled now.
Currently, there is no exit strategy for the company
Given the situation, our questions are
1. As minority shareholders. What are the steps individual need to take to recover the money with appreciated value?
2. Should investor need to give written notice even though it's privately held company? If yes, to the company? Or to NRI director?
3. Where can we lodge the complaint against the company?
4. As minority shareholder, what are the rights individual have?
5. Since this have NRI investment, can we file a complaint with Ministry of Oversees Affair?
Expected outcome is
Either return the money with appreciated share price or register the land on shareholders name for their shares.