Director's dispute

4 years ago

There is a dispute between two directors of an Indian company- Director X and Director Y. Director Y does not have the best interest of the company in his mind and wants the company to close. Director Y reached out to the company's bank account and asked them to freeze the bank account. Authorized signatory for this bank account is Director X. What options does Director X has to unfreeze the accounts? Is this freezing of bank account by Director Y legal?
Director Y ahs 30% shareholding and Director X has the majority shareholding 70%. Director X is in the process of removing director Y as the director of the company.

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PUNEET MAHESHWARI 07725911311

Responded 4 years ago

A.The matter is related to the section 241 - 242 of the Companies Act, 2013. First just make the assessment that on what ground the bank has freezed the Company's Bank Account. Is there is any board resolution passed in this regard. There is some more things need to be assessed. The appropriate forum is the National Company law Tribunal to adjudicate this issue.

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Banerjee Law Chambers. Prodyut Banerjee- Advocate

Responded 4 years ago

A.Company Court concept is gone after introduction of the Companies Act, 2013. Now you have to approach the proper Bench of the National Company Law Tribunal.

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Shreyash Mohta

Responded 4 years ago

A.Please approach proper tribunal and thereafter decide.

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Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
It is better to approach company Court to get appropriate orders to the bankers.

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Suneel Moudgil

Responded 4 years ago

A.without going through the MOU, nothing can be advised

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