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Minority Shareholders

I have a client who is a minority shareholder of a private company, no involved in management of business - was more than 10%, now slightly less. Company was buying back shares but stopped due to insufficient distributable profits etc. In meantime:

Latest accounts show;

Auditors are now just reporting accountants (no notice received)
Dividends (ordinary) have been paid to majority shareholders (only)

Previously (while >10%) had insisted on audit being carried out. Now that <10% I understand can't insist on audit, but there are other aggrieved minority holders who would together have objected. Can company dispense with audit without notifying all members?

Our client has not waived his rights to a dividend and assumed none would be paid anyway until share buy back had recommenced. Majority shareholders taking substantail remuneration too

I know the advice will be to see a corporate lawyer, but any thoughts/opinions in the meantime as to where my client legally stands and remedies available would be gratefully received

PM

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