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The Company being a legal person is involved in the particular case. The company being Maple Pty Ltd. The Issue which has come down in this case is that a new business stream is being sought to be brought forward in the company where the other two directors have tabled a resolution for opting the same. But, they being unaware of the fact that the company is facing cash crunch, and thus their decision might put the company into insolvency.
Shareholders: The number of shareholders in the company total to 14 which includes 10 shareholders from the family class each having 20 shares and 4 directors having 200 management class shares. Every company gives the right to shareholders to turn the decision in their favor or in the best interests of the company and given the present situation of tight cash flow, and that the shareholders have enough votes, they could overturn the decision of non expansion in the current situation. Given that expansion mode is opted by the company and the management at this situation, this could lead to a position of deep debt burden and the company would not be able to repay the debt due to lower cash flow which would put the company into insolvency as well as deprive the long term interests of the shareholders. Every shareholder has a right to attend the board meetings and they have the right to know about the majority rights of vote about the directors so that the shareholders are disclosed about the position of directors and that the decisions taken by them vests benefits to the company or rather the shareholders have the options of putting the major votes in that case. Moreover, the shareholders may overturn the right by voting against such voting shares so that the best interests of the company vests in the right hands and those decisions are taken in quorum to the shareholders voting rights, who have a crucial role to play in decisive matters.
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