Shareholder Deadlock | Vkeel - Free Legal Advice

Amar Singh

Bangalore

I and my business partner hold 50% shares each and are directors of the company. One more director is there but he doesn't hold any shares. Now due to the financial constraints of my partner, he wants to close down the company. I told him to keep the company on-hold and to resume operations once world economy returns back to normalcy after covid-19 pandemic.But he is not agreeing and wishes that either I move out of the company or mutually close down the company. He has denied all my admin rights and other social media access of the company resources and has illegally and forcefully taken control of all the company resources. I'm anticipating that he is planning to forcefully make me agree to close down the company and to run it with the help of new shareholders as all the company resources are under his control. Third director holding zero shares is his best friend and is supporting my business partner's decision and asking me to join the Board of Directors meeting, which I suspect as foul play

Expert's Answers(4)

Advocate Raj Sinha
Muzaffarpur, Bihar

3 Client Ratings

If your Company is registered under Company act then every director have to purchase share....but it seems that it is your partnership firm and any partner wants to disolve the firm, they may proceed by legal way.....send a legal notice to all partner regarding desolvency of firm, if they agree then good otherwise go to civil court and file a case......

November 15, 2020
xxxxx cxxxxx
Bengaluru, Karnataka

184 Client Ratings

Dear Sir, If it is a partnership firm you may approach Civil Court and get your share otherwise go legally as per the provisions of company Act. Please give me rank after viewing my details. Please call me for further assistance.

November 13, 2020
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

Your immediate step is to file a Petition before the Hon'ble High Court to get an appropriate order in this regard so that You are not hurt unnecessarily for no fault of yours. It will save the situation. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

November 13, 2020
Advocate Srinivas G D
Bengaluru, Karnataka

19 Client Ratings

Amar Singh you must be a Sleeping Director I presume. Before taking any course of action, think can you run the company without your Business Partner involvement. If you can buy his share. As per rule Single person cannot run a Company . Contact me for further details on this Forum.

November 12, 2020