Exit from a Pvt Ltd
We are 2 Directors in a Pvt Ltd Company. We opened up the company with a Paid up Capital of 100000 Rs and the share was split as 70:30 and the money was also pooled in accordingly from personal accounts in the company account. After that the Director which has 70% of the share started investing money and the Director with minority share started running the business. Today after almost 1 Year and 9 months the company has got a proposal to be acquired. I want to check with you on the following Questions assuming the situation where in the Company is getting acquired at 3 crores. The total expense done by the company is around 50 lakhs out of which majority have been booked under 'Sale' lets say around 25 lakhs and rest has been invested by the director with majority share. My questions are:
1. By any means can the majority shareholder take the entire money without giving anything to the minority shareholder?
2. What are the precautionary steps which the minority shareholder should take in order to save any situation like this?