CAclubindia

Queries Replied : 683

Hi!

I am Jayashree S Iyer, Company Secretary working with an NBFC at Chennai.

I have an experience of over 7 years in Company Law matters.

I am here to share and gain knowledge. Looking forward to make useful contributions.

Regards.

What kinds of questions I can and can't answer?

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Nidhi Jain says : Thanks
thanks a lot. CAn u also tell me both is required same procedure????????????

Dhanesh says : Removal of Managing Director of a Pvt Ltd firm
I would like to know the procedure for removal of Managing Director of a Pvt Ltd firm. Our company is a Pvt Ltd firm having 3 Directors. Out 3 Directors, 2 Directors work abroad and are NRI's. The 3rd Director is in India and hence was made the MD of the company. Now after 3 yrs of operations when the company has started doing good the MD has siphoned company funds in the name of salary to fake employees who are his family members. And now when we are questioning him he has stopped responding to our mails & calls. He has our bank online banking username & password and has took complete control of the business as we don't have the bank details. Also he has now shutdown the company under the name of lack of funds. We are expecting funds from few of our clients in coming month. But we (the other 2 Director's of the company) are feeling helpless as the MD will again siphone the expected amount. Hence we need advise on how to stop his control on bank accounts (we don't have our signature in bank account opening) and also how to remove from the MD position (we have not fixed any tenure in his MD appointment letter) and then eventually from the company. His attitude is he want to have everything.

Jagmohan Rawat says : form 32 filing for new company
Hi jayashree, Pls tell me while filing form 32 for new company creation, whether it is to be shown as appointment or something else. Further do we need to send consent of the directors as an attachment.