A PVT LTD CO HAS TWO DIRECTORS A AND B, DUE TO A SETTLEMENT BETWEEN EACH OF THEM THE COMPANY WAS TAKEN OVER BY DIRECTOR B AND DIRECTOR A LEFT THE COMPANY THE FORM 32 WAS TO BE FILED BY DIRECTOR B TO ROC. THIS HAPPENED IN 1994. A NOTICE HAS BEEN RECD FROM ROC IN AUGUST 2010 STATING THAT NO ANNUAL REPORT HAS BEEN FILED SINCE THEN. DIRECTOR B IS UNTRACEABLE WHAT SHOULD THE DIRECTOR A DO. SHAREHOLDING STILL STANDS IN FAVOUR OF DIRECTOR A ANDHIS RELATIVES ASPER ROC. ALL RECORDS PERTAINING TO COMPANY ARE WITH THE ABSCONDING DIRECTOR. WHAT SHOULD DIRECTOR A DO?
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IMPASSE BETWEEN DIRECTORS IN PRIVATE LTD CO
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Hi, I am not the authority on this issue, but my personal views are as below :-
1) Pvt Ltd company must have minimum 2 directors. If Director-A left, there has to be someone inducted as Director along with Director-B.
2) Director-A should have ensured that RoC data is updated and Form 32 filed with RoC after he resigned as Director of that company.
3) If Director-A continued to receive communication from RoC after 1994 pertaining to business of that company, he should have informed RoC through appropriate channel about his resignation and delay by the company in filing Form-32.
4) Is there a legal document of settlement between both the Directors ? based on which Director-B took control of the company. If so, Director-A should now use the same to avoid any legal issues.
Expert opinions solicited.
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