ask (def) 14 February 2014

Ways to resolve director's dispute

I want to know if there are disputes between directors and both are having 50% sharing in the company.

What all ways are there to clear the dispute?

Can i have valuation of the company and can legally force to follow that rule...

EX: including all assets, etc.. valuation comes to be 1 lakh. So another director gives / takes the amount to another. Is this a legal solution to resolve dispute ?

What all ways are there to resolve this. (ofcourse there can be a Court case; but don't want to go that way)

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3 Replies

T. Kalaiselvan, Advocate (Advocate) 15 February 2014

If it is a partnership firm, what are the terms and conditions governing the partnership?, you can get the solution by revisiting the terms of your partnership deed.

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ask (def) 21 February 2014

Thanks for your reply

Its a pvt. ltd. company.

Other director is authorized signatory and also the company account is single owned by that director. Since i was in a glimpse that everything would work fine... but things are worse now...

Is there a way i can temporary close the company bank account. (its ICICI account) so that transactions cannot be done till the things are not resolved.

T. Kalaiselvan, Advocate (Advocate) 21 February 2014

If the account is operated by a single person even in the name of the company as a director/proprietor, by giving a letter, you can close the account, there is nothing wrong in it but what are the other conditions with the so called partner which is controlling the business? better to have a consultation with the company's auditor by presenting the factual situation and go by his advise instead of hanging around the legal issues later on.

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