Can shareholder ask his investment back when company makes

Hi,

I am one of the director of a  PVT LTD company and we have 2 directors and 1 shareholder in the company. The company was not filing ROC for last 3 years because of loss and other probelsm and in between one sharehoder was entred into the business. Since we are not filed the ROC his information is not updated on the MIC website and he is now asking to treat this as credit and demanding it back. We do have the share trasfer forms signed by him with us. When we are about to file the roc, he is calling and asking our company secretary to stop doing this. I like to know

1. Wheter he has the right to demand the money back

2. He is threatening us by filing a case against the company for not given his money back or not filed the ROC for 3 years.

3. Can he go directly to the court 

4. If he goes to court what will be the consequences 

5. Can he has the right to stop the CS from filing the return and ROC

Kindly help me in this. 

Replies (2)

I think , two Directors of the Company are also having Sharesholders as you have mentioned there is one shareholder its not possible. A private Limited Company must have 2 Shareholders. 

With regard to filing forms to ROC you can do it now with late fees , if Company has losses it do't mean that you are not required to file Forms. It has to be submitted.

Kindly clarify how shares are given to that shareholder  whether he is subsciber of MOA & AOA , or by way of transfer or by way of allotment ?

 

Hi,

Just delay in filing can't make him creditor. He has slready agreed to be treated as shareholder it is just delay in filing that consent with ROC. He cannot demand money back as creditor. 

One thing is there that he can demand for sale of his equity to other shareholders but for that also 1st he needs to be member of company (by filing documents with ROC). After that shares can be taken by other members on the current valuation of per share. 

 

He can go to court but he claim will not be valid in eyes of law...

 

 

Regards,

Sourabh Jain

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