Question
Mike is a minority shareholder in Alfa Pte Ltd. He is convinced that the directors of Alfa Pte Ltd have been transferring the company's assets
Mike is a minority shareholder in Alfa Pte Ltd. He is convinced that the directors of Alfa Pte Ltd have been transferring the company's assets to corporations that they control. What steps should Mike take to obtain redress? Mark all the steps that are appropriate.
a. Send a letter to the errant directors requesting that they return the assets taken from the company and stating that he reserves the right to initiate proceedings if they do not do so within a stipulated time.
b. Initiate a criminal action to have the errant directors convicted of an offence under section 157(3)(b) and disqualified under section 154(2)(b).
c. Make an application for leave to commence civil proceedings against the errant directirs in the name of Alfa Pte Ltd.
d. If leave is granted by the court, commence civil proceedings against the defendant directors with Alfa Pte Ltd as Claimant.
e. Alternatively, apply for relieve under section 216 asking for leav to commence civil proceedings against the errant directors in his own name as Claimant.
Note: This question is regarding the law in Singapore and not any other countries, with regards to Company Law. Please answer within Singapore context.
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