11 January 2012
I am working in a Public Unlisted Co. where one of the Director resigns on November 21, 2011. Where Article of Association of the Company lays down one of the grounds of vacation and states that "he resignes his office by a letter addressed to and such resignation is accepted by the Board of Directors". In our case the Board Meeting is scheduled to be held in January, 2012. Kindly tell me the effective date of resignation of the Director.
11 January 2012
But in my opinion Form 32 shall be filed within 30 days of the Board Meeting and date of resignation shall be the date of the Board Meeting and not the date mentioned in the resignation letter. As resignation shall not be effective until and unless it is accepted by the Board of Directors of the Company.
11 January 2012
No here i disagree with you. Resignation is not covered by any section.
Hence we cannot control the exit of ordinary director by delaying the board meeting. So his resignation is effective from the date mentioned in letter.
Further filing 32 is required to be filed within 30 days of effective resignation.
BM is required just to take note of the resignation and not to approve the resignation unless required in the articles.
11 January 2012
But our AOA states that resignation of the Director needs to be accepted by Board. Therefore as per AOA the Director cannot vacate office unless his resignation is accepted by the BOD.
12 January 2012
In the absence of specific provision in Article of regard to the resignation of a Director, a Director can resign without giving reasonable notice.
12 January 2012
In the absence of specific provision in Article of regard to the resignation of a Director, a Director can resign without giving reasonable notice.
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