08 August 2015
Dear all, Can you please help me in an interesting case which I need to resolve. Suppose, there are 2 companies Ajay Pvt Ltd and Vijay Ltd. Ajay Pvt Ltd invested 10Cr. in Vijay Ltd out of which shares were issued of 5Cr. at Rs. 10+ 20Rs. premium to Ajay Pvt Ltd by Vijay Ltd. There is one common diretor Mr. Satish in both the Companies.It has been three years since shares issued but no dividend was declared and no any other notice was circulated by the Vijay Ltd to Mr. Satish regarding any business of the Company. Remaining 5Cr. is pending as share application money. Vijay Ltd is not issuing shares of this amount nor sharing any profit as dividend to Ajay Pvt Ltd. Then question is how Ajay Pvt Ltd can recover money from Vijay Ltd of Rs. 5Cr.? Can there be any legal action taken? Can appeal be filed with CLB OR NCLT? State all kinds of options with Ajay Pvt Ltd to recover this 5Cr.
08 August 2015
1st of all please clarify is there any agreement or document which is available on the basis of which the payment of Rs 10 Cr. was made to the company?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
10 August 2015
Yes, there is agreement of Rs. 5Cr. called as subscription agreement of which shares are issued and of remaining 5Cr. payment is made through cheque.
10 August 2015
Is there any agreement about Rs 5 Cr which you paid through cheque? what is the basis of payment of remaining Rs 5 Cr.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
No, there is no any agreement.Remaining 5Cr. is pending share application money, but Company replying that Company has no funds.In such a condition how to get back money? Send me a format of legal notice which can be served to the Company.