A foreign Company was unhappy with its Indian director and intended to remove him from the directorship.
The Indian director had assumed excessive control over the business operations of the Company and was unwilling to resign from the position of a director.
The Entire bank accounts, operations, HR, premises were under the control of the India director.
The US entity had concerns of compliance at the India Co level and had to de-risk their nominee directors
The US entity had to dismiss the India Co Director and take control of operations
- We reconstituted the Board through a shareholders meeting and removed the India Co director
- Consequent to the India Co director being removed, we in the capacity of authorized representatives, took control of accounts, finance, payroll and also possession of all corporate records
- Within a period of 90 days, the entire accounts were updated, HR policies instituted, safety standards on compliance resolved, all statutory returns were filed, and the Company was again ready to go.
- As a matter of abundant caution, we engaged another CA firm to review all the work accomplished to give an unbiased view.
- Our nominee directors stepped down, and the US Co nominee Directors controlled the operations again.
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