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Q. Director's dispute

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Anonymous

posted 3 months ago

Q.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.

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Prodyut Banerjee

Experience: 11 Year(s)

Responded 2 months ago

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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

Experience: 1 Year(s)

Responded 3 months ago

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A. ) Please approach proper tribunal and thereafter decide.

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 3 months 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

Experience: 15 Year(s)

Responded 3 months ago

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

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