In a Pvt. Ltd. company having 4 shareholders, 2 with 40% shares and other 2 with 60% shares, what is the power with 60% holders in case of dispute. I have some questions:
1) Can the 60% holders remove the other 2 persons as directors (all the shareholders are directors) and appoint new directors and decide on their salaries?
2) Can the 60% holders repay their own loans given to the company and decide their own remuneration (as directors)?
3) Can the 60% holders issues fresh shares and increase their shareholding ratio?
4) Can the 60% holders get bank loans and invest in machinery?
5) Would the 40% holders be liable for the losses in the company even if they were not directors?
Thanks
CAclubindia
