Removal of director and share transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2016 Hi,

I want to remove one Director and transfer his shares to another director please guide me regarding procedure and requirement for the same.

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2016 Please reply on above

Mandar

Mandar (Expert)
Follow

06 April 2016 Removal of Director
Provision: Sec 169 & Sec 115 of Companies Act 2013
• Special Notice required for removal of Director to Company at least 14 days before the meeting
• Send the copy of notice to Director , the Director has right to be heard
• Send a copy members within the stipulated time
• Hold and convene a general meeting , pass ordinary resolution for removal of Director
• File requisite form
Transfer of shares
Provision: Sec 56 of Companies Act 2013 & Rule 11 of Companies (Share Capital & Debentures) Rules 2014
• Transfer of share unless a proper transfer deed in Form SH.4 duly stamped and executed. A company will not register a transfer of partly paid shares, unless the company has given a notice in Form SH. 5 to the buyer and has obtained no objection from the buyer within two weeks from the date of receipt of notice.
• Form shall be delivered within 60 days to the Company from the date of execution
• The Company shall within one month deliver the certificates of all shares transferred after the application for the registration of the transfer of any such shares, debentures or debenture stock received.

Upgrade to CAclubindia Pro. Subscribe Now!