07 June 2011
If an MD resigns to act as an MD but is willing to act as a Director.The Board accepted his resignation as an MD and also took note of his continuation as Director. whether form 32 for change in his designation from MD to Director will be enough and whether he will be an additional director u/s 260 C Act, and his appointment is to be confirmed in the next AGM. what is the status if the MD's appointment is in the Board or by the Articles and the same appointment is not confirmed in GM and he resigns before the confirmation.
08 June 2011
A MD must hold and continue to hold the office of director. A MD is first a director and then a MD with certain additional powers [shanta shamsher jung bahadur v. Kamal bros. Pvt Lth. 1959] so if in above case when MD was appointed he has been director of company, whether additional or regular so whatever position he held continue will it be... And form 32 is enough in case of resignation no extra formalities...
CAclubindia
