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Dispute between directors of a Pvt. Ltd. Company and blackmailing
01-May-2023 (In Corporate Law)
I am he largest minority shareholder in a pvt. ltd. company. Other two have now ganged up against me. In our bank accounts either mine or SH A's signatures are admissible. However, the chequebook is with SH A and he refuses to pass board resolution of mandatory joint signature. He is withdrawing funds in arbitrary (difficult to prove illegal) fashion. Now refuses to sign cheques for utilities payments without which business will stop & I being biggest SH have most to lose. So they are blackmailing me to give them more. I want bank to takeover A/C & only clear cheques against genuine bills.
Your grievances are apt and clear. Of course, there are precedents wherein Courts have stayed such illegalities. My suggestion would be to approach Court for necessary action on urgent basis. Please remember that each day counts and delay may affect your business seriously. Kindly seek consultation with all papers.
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Adv. Rishi Raj Sharma
Delhi | 100+ Answers
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file petition under 397/398 in CLB, if you are a minority shareholder, if not call for EGM/AGM and pass the resolution recording change in the authorised signatory and intimate the bank. further, provide exact shareholding details in order to enable me to provide proper advise.
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Adv. Vivek Pathak
Delhi | 25+ Answers
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The problem relates to Oppression and Mismanagement under Companies Act, 2013. Under Section 241 of the Act the shareholder since he feels that the existing affair are prejudicial and oppressive against him or against other members then under this section he can get relief by approaching the CLB. Also such persons who are eligible under Section 244 of the Act can get an order passed against such a shareholder. Under section 242 the CLB may, with a view to bringing to an end the matters complained make such order as it thinks fit. Also Under section 244(K) the CLB can pass an order for appointment of such number of persons as directors, who may be required by the CLB and will require to report to the CLB on such matters as the CLB may direct.
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Adv. Vipul Maheshwari
Delhi | 25+ Answers
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