Whether the nominee director can be removed by the majority shareholder where director is appointed by the member company holding 60% shares in the capacity of joint venture interest?
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Dear Members,
One pvt. company wishes to declare dividend and in this company only two shareholders
one(Body corporate) holds 99.99% and
second one (individual) holds .01 %
Now the company wishes to pay dividends only to body corporate(Majority holders) and not to minor shareholders.
Whether is it allowed or not?
Any other alternative to do this transaction by way of taking NOC from minor shareholders
Pls consider this with the provisions of the Companies Act, 2013
