Matter relates to Joint Venture
The publishing company we started in 2007 joined with a business group in 2015 and made it and we along started a joint venture publishing company with 50% equity for both parties. In the board of directors two directors from our part and three from business group.
The new company’s business were based on the intangible assets of our previous company and products of new company were based on the same assets.
On Jan 2017 due to difference of opinion they took administration and management of company and remove me from the authorised signatory for the operation of bank accounts with out our authorisation.But till date no board meeting was held or inform us but started business in a new brand name ( the same products )also . The CA of the company is nominee of the business group was not finalised the accounts of company from 2016-17 . At the initial stages company business were based on the intangible assets of us and now also the product/ books were based on the same assets. In the accounts of 2015-16 it was mentioned the dues to us which comes to more than 1 cr.
In the circumstances we would like to clarify the following points
1. What are the solutions for us to get the dues from the company
2. How we can withdraw our equity from company
3. What are the legal solutions for us to settle the matter.
4. What are the legal implications for non filing documents to ROC for the financial year 2016’17 onwards
5. What are the other legal options before us.