Director's dispute
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.
( Ranchi, Jharkhand )
Kolkata
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