1. Director cannot remove a director. Only Shareholders can remove Directors.
2. There is no time period provided under the CA, 2013 for payment of subscription money by the subscribers to the Company. Therefore, we can say that it is not mandatory to pay share subscription money immediately on the incorporation of Company. Subscription of MOA by the subscriber is a contract b/w the subscriber and the Company. In which Company will issue shares certificates to the subscriber and in consideration of the same subscriber will make payment to the Company. If a company issued share certificates to the subscriber, the company has performed its part. But consideration (money) not received from the subscriber then it will be considered as a breach of Contract by the subscriber and will attract civil dispute for breach of contract.
3. As per section 447, any fraud happens in the Company which is affecting the interest of the Company then he will be penalized according to the section.
4. You have to maintain minimum criteria for 2 director and 2 shareholders so you have appointed one shareholder as well as Director so that compliance of private company can be maintained. Transfer his shares from him and he will be removed from the shareholder.
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over 4 years ago