Legal Question in Criminal Law in India

Hello ......to One N All...!!
This is Sandip from Pune. I having the follwing query. I hope and expecting kindly reply from you people.
We made the Joint Venture Agreement with one party and formed one joint venture company having 50-50% shareholding. There are only 2 directors and 2 shareholders (both are same.) We given the land for that party for the develoment and given all rights for the develpment. The ownership of that land is remains with us. \
That party given us 50% shares as per books of accounts but physically not issued the shares certificate and party want to trf. our holding to other person.
Can we treat it the criminal case? Can v sue against criminal law because of non-issue of the physical share certificates?
Expecting your reply .......!!
Thanks.....from Sandip

Asked on 8/19/09, 7:43 am

3 Answers from Attorneys

KAMAL GROVER

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Now a days physical shares are not necessary but you can ask them about the proof of your shares and if they refuse and you have sufficient proof then you can file criminal complaint.

Your further clarification is welcome at nominal fee at;

[email protected]

Advocate

M:09814110005

PB. & HRY. HIGH COURT CHANDIGARH (INDIA)

With Regards

Answered on 8/19/09, 11:29 am

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Shrichand Nahar S.V.Nahar, Advocate

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As stated by you, there are only 2 Directors - one of them is yourself and other is your party.

You may be aware that for a Private Limited Company, minimum 2 shareholders and 2 directors are necessary.

Where there are only 2 Directors, both will be liable. However, if one of the Directors is non-executive and other is executive, then matter may be different.

Answered on 8/20/09, 1:10 am

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