Hi All,
I need some information. Our company was formed in 2005 as partnership firm that is when we did investment initially. My share was 10% and still is. In 2010 we formed it into pvt ltd company and soon after I pledged my house for the loan company recieved against my property. Now the company is in debt but in the recovery mode. We have won contracts that are fruitfull. I wish to exit the company now as I feel we have differences how company is run.
My question how can I exit while the company is and will remain in debt for an year almost? how will it effect my shares and the loan that the company has acquired under my property? One of my partner was bluffing that I cannot quit until the debt is paid by the company or by my share and I cant secure my property till that- is that true?
When i pledged my property my share capital did not increase. Instead I agreed on X amount additional to the dividend/drawing I get monthly.
Under a lot of stress. Please advise...
CAclubindia
