To recover my cost can I sell assets of the company
16-Jul-2023 (In Corporate Law)
Hi, Need your expert opinion, it will be really helpful for a way forward to me. I am the director and shareholder of Private Ltd company holding 65% of the company share and my partner 35% of the stock and is also the director. My partner chooses to escape from the responsibilities without any commitment towards rent, expense or taking the business forward. He didn't even meet the initial committed amount to invest in the company. Because of his financial hardship, we agreed to return his investment of 13 lakhs and agreed that 3 lakhs will be returned initially and he gave up the share and then we will approach the investors, but after taking the 3 lakhs he changed his stand. I have also incurred additional expenses beyond the committed investment to run the company. There cannot be reasonable, healthy discussion with him. So I am thinking of moving away from the business, I would like to understand 1. Can I take out the assets from the company to recover my cost, which I have incurred
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