After following Section 283 of Companies Act 1956, majority of the share holders removed managing director of a Pvt. Ltd. Company. Surprisingly, managing director got an mandatory injunction from District Court that he cannot be removed from the post as he is having agreement for the post of managing director with Directors under Arbitration Act 1995. Also the District Court is delaying the process for more than two months as a result managing director is misusing his power and money and company will become sick. Please suggest me with case reference so that we can dispose of the case early.
Thanking you.
CAclubindia
