Hi
one of therecently resigned directors of the pvt limited company , demands 50 % immovable asset sharing from the other director , though there is no contribution from him.The resignation was effected 10 months ago with Form 32 filling etc.
Those assets( factory land, cars, other vehicles) are in company's name and procured during the tenure when the director was in. Is he lawfully entitled for those assets? Now , he is a mere share holder with 50, 000 shares of the company.
Your guidance is greatly appreciated.
CAclubindia
