if contract is sign with a person for incorporating company , who help foreign nationals to incorporate company in India, he becomes share holder of company with 60% of stake as resident director & then he supposed to trf share to other members but he now refused to do so
1) He has become director to only help foreign national to set up company as per contract if he misuse his position what are the options to solve this..
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Resident director and its power
Replies (1)
If the company has made agreement with him that he has to transfer shares to other members on certain obligation you can sue him for his wrongful act .
The companies intention towards appointing him as a director is to help them. But if you find him misusing his position he will be punishable u/s 447(refer the section) of CA 2013.
The companies intention towards appointing him as a director is to help them. But if you find him misusing his position he will be punishable u/s 447(refer the section) of CA 2013.
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