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Author Topic: Need assistance on a business problem  (Read 87 times)

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Offline sun337

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Need assistance on a business problem
« on: September 26, 2016, 10:53:59 PM »
In August 2013, a person approached me with a newspaper license under his name to conduct business jointly with profit sharing on 50% basis. So I formed a pvt. ltd. company with that person as a director holding 5,000 shares,  my father as another director holding 5,000 shares and myself director holding 15,000 shares with the total investment of Rs.2,00,000 (divided equally among the shares). We said once the revenue comes, we will have a management meeting and signoff the 50% profit sharing. At that time the firm which did the company formation told me that since the newspaper license person is already a company director, it is legally binding incase he tries any fraud. This was done in October 2013 and since then I was putting in money (since there was no revenue) for the business operations until May 2016 and I spend about Rs. 16,000,000 till then. In May 2016 the newspaper started getting revenue for advertisements after getting the state govt. accreditation. The license holder without our knowledge made a bank account and provided that to the govt. and he received Rs.1,82,000. He took that money and used in his another new magazine without our knowledge.

So now when we asked him to transfer the newspaper license to our company and he demanded 55% of the share/company ownership which we cannot accept. In the company articles and memorandum we have specified the primary business as operations of newspaper but the name of this newspaper is not specified. The newspaper office was in our building and that address was given to the govt. Also the printing was done in an outside press and we paid the money monthly and have the receipts.

Now we have agreed with the person to have a joint bank account by cancelling his old account. There was a letter made to the bank where it was specified that this newspaper operations were done by the company since October 2013 and all the directors including this person has signed on it. The letter copy was also notary attested. Also in a financial report summary of all expenses till March 2016, he has agreed and signed on it. Meanwhile he started a new magazine in his name with our office address (printed on his magazine), without our knowledge and was operated secretly from our office for 1 yea,r until when we found out.

My father is a senior citizen and he paid staff salary and all money mostly by cash only. What are the ways, I can fight legally to get my hard earned money back? Can we also legally get rent for working in our office secretly with his new magazine published with our office address?

Thanks in advance.


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