I am one of the director of Pvt. Ltd. Company. There are other two directors.
They have passed resolution in the board meeting that they will only do financial transaction and will not disclose any financial activity to me. I have insisted that It was not acceptable but they refuse to act on. They have given Board resolution to our bank & bank is also following the same.
Is that legal? Can complaint against it to ROC?
If the Board Meeting was properly convened and with adequate quorum you cannot challenge the resolution passed thereat.
But , yes, you have every right to call a Board Meetiing and discuss the matter and put up your grievance. But decision of majority of Directors will prevail.
For such matters it is better not to approach ROC, settle it amicably amongst yourselves.
Regards,
CAclubindia
