A private limited company ("KCX Pvt ltd") incorporated in 2007 had 3 directors Mr RP, Mr KC and Mr MK. In Sep 2010, one of the directors resigned(Mr MK) and new one (Mr MP) was appointed. At this writing the three directors exisitng are Mr RP, Mr KC and Mr MP.
Mr MP found out that the accts and all documents related to company rules were floated around and no mandatory documents were maintained including appointment of an MD, proper accts etc etc. and Mr RP acts on behalf of the company as MD with out any proper documentation.
KCX Pvt ltd have filed returns to ROC till 2009-2010 ie prior to the appointment of Mr MP as director. Due to the varous disputes all mandatory govt documents to ROC are not yet filed from the financial year 2010-11 onwards.
Mediation is going on to resolve the dispute and the following are the steps considered. Pls put in your valued thoughts.
a. Mr MP shall sign the AGM documented and B/S for year 2010-11 and Mr RP shall agree on a STAMP PAPER that all responsibilities shall be taken over by him including the moral, legal and financial liabilities, frauds committed, mismanaged etc etc.
b. All subsequent documents for years 2011-12 and 2012-13 like AGM, B/S shall be signed by a newly appointed Director but back dated ie in Oct-2010.
These options looks confusing and illegal, but are they viable..
regards
Someone who badly need help !!!
CAclubindia
