Dear All,
I am one of director out of 06 director in pvt ltd company. The company was formed three year back and company is running sucessfully. We manufacture electrical control and relays panels. I have played major role to build the company in sucessfull way and i am taking care of production and materials managment. Now the company is running and making good profit in bussiness. Untill today profit was not issued to any of the directors. It is reserved in balance sheet. Since from last one year the other 04 of directors out of 06 wants to limit the directors as 04 instead of 06 director. Myself and other person had only technical back ground. No money power and no knowledge of internal politics.
We donot have equal shares.
Director - (A) had 187000 Shares and given collateral to bank for OD facility
, (B) , (C) & (D) - each had 140000 Shares
Myself (E) had 126500 Shares and (F) had 126500 Shares
Last month beacause of some unexplained small issue. The board of directors ( 04 members) are forceing and threatening me to resing from the director post without proper reason. Only one director is supporting me.
I don't have knowledge of company laws and money support to fight aganist them. Hence i have requested board people for settlement and request them to give me fare value for my shares to tender my resignation. The board people asking me to accept for book value for my shares. They are not ready to pay fare value and theratening me they will take legel action against me if i demand for fare value.
Please help me with legel solution or what to do next.
CAclubindia
