Answer / simhadri

It may be clarified that the BIFR is neither a bank nor a
financial institution. In brief, its primary functions are
directed towards getting viability studies of sick units
prepared and authenticating the revival schemes for viable
sick units.

Answer / suman

BIFR means "BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTION. It is a statuory body formed for Revival and Reconstuction of Sick Units. Now these days It become a common practice to many Enterprenuers to go BIFR by showing Loss to their Enterprises, and getting Loan Subsidy.

I am forming a Pvt. Ltd. company with total 4 no. of directors including myself. I'll be providing all the financing via. initial capital investment + operating cost. We have mutually agreed to keep percentage as - 55% myself and 15% each of other 3 (15x3=45%) now my questions are : 1. What if one person backs out at any given point, what are implications and what would happen to his share of percentage ? 2. What should I do to keep a control on decisions and financial matters in case any of the directors cheats/wants to leave? (as my money will be on stake)

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