My wife is a Joint Director and only share holder other than the another Joint Director in a Pvt. Ltd. company and the other Joint Director has flee away after misappropriating funds of the company without even completing the audit report. Now, being the Joint director and the Share holder of the company, my wife does not want the company to be liquidated, and rather she wants to run the company smoothly. The funds that have been misappropriated by the other director belongs to the various creditors of the company, and in this connection she has already filed a complaint case before a competent court. Now since the other director has flee away and we dont have any information on his whereabouts, my wife is facing pressure from the creditors for refund of the money, which have been misappropriated by the other director. Even the audit report of the last two years have not been filed due to absence of the other director and joint signatory on the company docs. Suggest me what can be done :
1. For completing the audit formalities of the company?
2. For future running of the business in absence of the other director?
3. For taking time from creditors for refund of their money which belongs to them and has been volunteerily misappropriated by the other director?
Regards,
S. Raman
