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Partner not wiling to give time and money to company how to remove him
14-Mar-2023 (In Corporate Law)
I am a 50% partner in private limited company. The other partner is not wiling to pay 50% of the money and has no time to put in the business. Now i don't want him involved in the business anymore. How can i remove him from the company?
It appears that you mean that you're a Director in a Private Limited. One needs to refer to the relevant clauses in the incorporation documents like the Memorandum of Association & Articles of Association to comment.
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Adv. Divyang Chandan
Mumbai | 25+ Answers
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You can meet or call us . You can remove him in a legal manner in accordance with the rule & regulations of Companies Act
Legally:
(i) You first give him Legal Notice,
(ii) If reply , then respond to his reply and you can file petition before Company Law Board for mismanagement and oppression of Company Affairs
Legally:
(i) You first give him Legal Notice,
(ii) If reply , then respond to his reply and you can file petition before Company Law Board for mismanagement and oppression of Company Affairs
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Adv. Sanjay Lalit
Mumbai | 25+ Answers
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This situation shows the need for entrepreneurs to engage lawyers while setting up a company. If you have issued fully paid up shares to your partner and if there is no written Shareholders' Agreement among, it will not be possible for you to take control of your partner's shareholding in the company.
If the assumptions stated above are true, there are two alternatives available to you: (a) Buy off your partner by paying a mutually acceptable price, or (b) Wind-up the company and form a new company with better partners and under wiser legal advice.
If the share are not fully paid up or if you have signed a Shareholders' Agreement, kindly talk to a corporate lawyer who can advise you about the procedure of forfeiture of shares and/or about relief for breach of contract after studying your Shareholders' Agreement.
If the assumptions stated above are true, there are two alternatives available to you: (a) Buy off your partner by paying a mutually acceptable price, or (b) Wind-up the company and form a new company with better partners and under wiser legal advice.
If the share are not fully paid up or if you have signed a Shareholders' Agreement, kindly talk to a corporate lawyer who can advise you about the procedure of forfeiture of shares and/or about relief for breach of contract after studying your Shareholders' Agreement.
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Adv. Manish Acharya
Mumbai | 25+ Answers
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