A company had 2 directors and one Director appointed one more Director without the knowledge of existing Directors & shareholders, transferrd all assets and money in bank to the relatives of both the Directors and abandoned the company. Both of them are untraceable and Annual Reports is not filed for two years. What would be the legal implications of the existing Directors & Shareholders ?
The CA is saying he won't file unless the Director who appointed him writes him an email. All Bank statements and bills are in the possession of the CA. CA crosses the limit and is asking the other Directors and shareholders to exit from the company by transferring shares in the name of those two missing Directors.
Should it be reported to MCA or a cheating case filed in police or file a suit in court ?
Kindly advice.
CAclubindia
