Scenario
1- PVT Limited Company with 4 Directors and 5 Shareholders (4 of the shareholders are also directors)
2- Total 3 Directors hold 99.6% shares (9996/10000). The Director 4 holds 0.02% share (2 / 10000)
The three directors want to remove the 4th Director for simplification of company operations as business has been very bad. The fourth director is refusing to resign which no clear reasons.
1- What can be done to remove the 4th Director ?
2- Company Board Meeting is coming up in few days, can any action be taken by majority directors in this board meeting?
3- Company AGM is also coming 25 days after Board meeting, can any action be taken by majority directors in the AGM meeting to remove?
Thank you for your help.
CAclubindia
