Compensation ..

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A company director is seeking legal recourse for four years of unpaid salary and stock options as their company is closing. The director has attempted to resolve the issue directly with management, including an offer to take over the company, but has faced a lack of response and refusal to pay outstanding compensation or liabilities. The advice suggests exploring legal avenues, such as filing a court case or consulting a lawyer, especially if the company is undergoing CIRP or liquidation, to raise a debt claim before the resolution professional or liquidator.

B K D

B K D (Querist)

05 August 2022 i am director in a company since Dec 2016 with stock options and salary . my company is getting closed but my compensation has not been paid since 4 years and the top management is not responding to my claims . Where and how can i claim or complaint as per the legal procedures ..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

08 August 2022 File a court case consult a lawyer.

Adv. Ravish Bhatt, ADIT, CIOT

Adv. Ravish Bhatt, ADIT, CIOT (Expert)

08 August 2022 So, you have claims against a company be it in nature of entitlement to exercise your options or any other sort of claims. I do not understand what do you mean by company is getting closed. If it is getting in a CIRP or liquidation, you need to examine whether your claim is a debt and need to raise your claim of debt before resolution professional and/ or liquidator as the case may be and in case of your claim not being accepted, you can challenge it before NCLT.

However, in a case of company being CIRP or liquidation, there is not guarantee that you will receive full amount.

Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU

B K D

B K D (Querist)

11 August 2022 There is no nclt procedure or any other case going against the company .. the major stake holder wants to close the company due to personal reasons . i had asked him for compensation and to transfer the company / shares to me so that i can run the company .. he had agreed but he does not want to pay compensation or even clear the liabilities . Past two years no audit has been done . His idea is that if one more year he does not file the audit the mca will strike down the company and he will not have to pay anything .

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