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Sold share of the company to another director money still not paid


04-Dec-2023 (In Corporate Law)
I am a Director in a very small Pvt. Ltd. Company. I sold my share to the other director. But he has not paid me for my shares till now. He has brought the company to a stage of total closure due to his mismanagement. I am still a director in the company ( but i dont attend to that office). How can i: 1. Prevent any further misuse 2. Limit my liability 3. Close the company
Answers (2)

Answer #1
561 votes
Please take note of following - 1. You can resign from the post of Directorship by the way of giving a formal notification in that regard. You have to write an email to the other director and members of the company. They will call the board meeting and your resignation will be accepted and approved. Henceforth you won't be the director of that company and hence no liability can be imposed upon you of any nature. 2. You can ask for your settlement in the same meeting. 3. You can also put a proposal for the Winding up of the company. However that is not advisable in your case. Just resign and move out of the company.
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Advocate Pulkit Prakash

Adv. Pulkit Prakash

LawRato Delhi | 400+ Answers
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Answer #2
761 votes
You can file a case for oppression and mismanagement in the national company law tribunal. You can also seek relief for payment in lieu of shares. Specific details are required to answer the question in more detail.
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Advocate Tahir Ashraf Siddiqui

Adv. Tahir Ashraf Siddiqui

LawRatoDelhi | 50+ Answers
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