Dear members,
I have a question related to a private limited comapny wholly owned by a foreign shareholder.
What happens if both directors (Indian) of this company resigns? They were incidentally the promoters as well, but eventually with more investment by the forsign shareholder, the company belongs to him (99.99%)
The directors wish to resign, whose responsibility does it becomes to appoint new directors? What will be the process here? Is there any other way?
Thanks!
Shareholders can appoint directors in EGM.
As per Section 168 (3) of CA, 2013, Where all the directors of a company resign from their offices or vacate their offices under section 167, the Promoter or, in his absence, the Central Government shall appoint the required number of directors who shall hold office till the directors are appointed by the company in general meeting.
PRAKASH IS CORRECT
CAclubindia
