Company promised to buy back shares but not responding now
Company gave me a written letter head, duly stamped and signed by CEO, stating that Company will buy back shares by September 1st ,2015. Now it is not responding to any of my emails.
Can I take legal action basis the Document? If No, what are the other ways I can tackle this? If Yes, how to proceed further?
Asked in Business Law from Bangalore, Karnataka
1) I presume that buy back of shares has been duly approved In the EGM called for by the company
2) if the company has issued letter of offer the company would be required to buy back your shares
3)send letter to the company that you are willing to offer your shares to the company ..
4) you can issue legal notice to the company to buy back your shares .
5) you can move CLB to direct the company to buy back its shares
You have to first issue legal notice demanding the company to honor its commitment to buy back the shares as per the written agreement in its letter head. I the company is not responding or there is no proper response/compliance to the demand made, you may approach the consumer forum within your jurisdiction with a case for deficiency in service and compensation thereon with a relief to honor its commitment to buy back and pay you the share value by cash. If you find some cheating intention behind the company's non-response, you may even lodge a police complaint fro its fraudulent activities.
Hi sir/madam, you have to give representation to the company for the same, if the company has not answered or reply for the satisfactory, thereafter you have to issued a legal notice for the same through one of the lawyer and get relief.
You should issue a lawyer's notice to the company to honour the promise it made, failing which you can file a lawsuit to claim damages for breach of contract.