Mis appropriation of power of Board of Directors
We established a company in 2003 where we were 5 shareholder Directors with the following share percentages.
1. Me 35% Chairman
2. Another 35% MD
3. Another 10% Dir (responsible for import & marketting of some Medical re-agents)
4. Another 10%Dir ( responsible for tender business and marketting of orthopaedics products)
5. Another 10%.Dir( Has her own business)
The Last Director has her own business and have shown disinterest in our Company have declared willingness to withdraw her share in Dec.2013, though official separation has not yet done.
Last year it came to my notice that Director no 3 operating his own company since 2012 and have been importing products of our principal and was marketing for his own company and doing virtually nothing for us though receiving remunerations regularly from us as executive Director.
As chairman I denounced his activity in a board meeting and thus cancelled his executive Directorship and stopped remuneration.
Other Director No-4, Opened another business organisation as the same name of our company.
Our Company Name is "Ardent Ltd"
His new Company name is "Ardent Healthcare".
As it came to my notice, I vigorously objected in the issue.
The Managing Director is a very inactive person and afraid of the other Directors to take any decision against them and kept mum on all issues.
Seeing no hope of future businesses I resigned from the post of chairmanship. I have also resigned from the Directorship and asked for the withdraw of my shares.
On January 15,2016 all other directors on the board meeting (without me) decided to prepare balance sheet of 2015 and will pay my shares within January 31,2016. Later on they have extended the date for 26th,april,2016 but till now nothing is done. I feel they taking time to find how they can find ways not to pay anything.
Recently they have shown a loss of Tk. 4 crore. 2 crore as bad debts and about 2 crore as stock losses or scrabs.
May I request an advice what step should be taken by me.
Should I ask for my directorship again or
I have any other alternatives