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Need to remove director and get company's shares back.
25-Apr-2023 (In Corporate Law)
Me and a friend registered a Pvt. Ltd. company with two directors. While registering the company i gave him 40%, which would later be deducted to 10% once we get the investor on-board. We couldn't raise capital and he said he will quit the company. Now that i told him i managed to get an investor and completed the product development by myself, he wants to keep his shares. How can i remove him from the board and get the shares back? or is there a way where i can shut down the company and start a new one and work on my product and launch it in the new banner.
Question: Me and a friend registered a Pvt. Ltd. company with two directors. While registering the company i gave him 40%, which would later be deducted to 10% once we get the investor on-board. We couldn't raise capital and he said he will quit the company. Now that i told him i managed to get an investor and completed the product development by myself, he wants to keep his shares. How can i remove him from the board and get the shares back? or is there a way where i can shut down the company and start a new one and work on my product and launch it in the new banner.
Ans: since he has no role to play as per your input, you are at liberty to set up a new company and go ahead with it.
Ans: since he has no role to play as per your input, you are at liberty to set up a new company and go ahead with it.
Helpful?
11+
11+
Adv. Girish Kodgi
Bangalore | 100+ Answers
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If your friend is not willing to give away his shares in the company, there is nothing you can do about it. As a matter of fact if you have all the IP for the new product and if it is not part of the existing company, then start a new company
--- Advocate C V Srinivasa
--- Advocate C V Srinivasa
Helpful?
24+
24+
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