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UIn 2020, I bought a 10% share in a stone crusher plant by paying 15 lakhs through account transfer. There are 2 other partners.
As they manage the plant with their staff, i pay my share of maintenance.
Initially, they paid me 30k-50k per month, then there were gaps, saying that there hasn’t been enough sale etc
From past 1.5 years, they haven’t paid anything.
When I ask for accounts, it’s all done in paper written very shabbily, nothing organised, they stall me by saying that we haven’t prepared the account yet.I am very certain that they are just taking away my share as well. What can i do? Is there a legal remedy?
Thanks.
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VLawyer from delhi here!
You can try what the other friend of mine said or you can also explore arbitration or an application for liquidation with the NCLT.As audits are not being done properly you can also send a complaint to the auditor general being the shareholder of the company.
Suit for rendition of accounts, recovery are other legal remedies.
But send them a legal notice immediately as demand notice for the respective amount of money.
Let me know if you need help!
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HDid you buy shares in a company or become a partner in a partnership? Is there a registered agreement? How you proceed forward would depend on your own standing and rights. If it’s a partnership, then you could go for a suit for accounts before a civil court / arbitration if it is provided in the agreement. If it is a company, then you could file a petition for oppression & mismanagement before the NCLT.
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