For over 30 years I have been Director at a Pvt Ltd company manufacturing paper products. Me an my elder brother started more than 30 years back with one company and build a industry spanning 3 companies. Me and my brother were the initial directors until 2007. The relationship between me and my brother have strained very badly and we are not able to do business. Last year my brother affected sale of company asset (1 acre industrial property with shed and machines) without my permission. I was not informed and it seems my brother has made a huge profit. Further, over the past 5 years, he and his son has conspired against me and taken over the company. My fault at this totally, but now i want to mend this right. We have several liabilities on the company undersigned by me and my brother. But company assets can more than cover these liabilities. All the company financials are currently controlled by my brother and his son. We have not filed any reports with RoC in past 5 years. We are loss making and unable to meet EMIs and customer payments. I have discussed multiple times with my partners to sell the company or atleast my share, but have always been insulted. I want to close down the company, sell my share and liabilities. Need advice on how can I take up this challenge. Or otherwise I will end up being a slave/ imprisoned for all my life.
CAclubindia
