20 December 2013
If a Managing Director(MD) of private company wants to resign from the post of MD but continue to be a director of the company than is there any specific section for resignation of MD.Because in this case company has passed ordinary resolution in general meeting & while filing form 23 for registering the said resolution we have to mention particular section & purpose.So whether there is any particular section for resignation of MD or if not than we can write only purpose that will do?
Firstly you check your article what it says on appointment and resignation of managing director.
The MD provisions of Companies Act, 1956 is not applicable to private company.
You only pass a Board resolution for change in designation of director from MD to Director and file Form-32 with such Board resolution as an attachment with such form.
21 December 2013
Sir, but in this case Board of private company consist of only 3 director out of which 1 director is in abroad, leave of absence is granted to him & out of other 2 director 1 director is interested (being MD)than only one director will remain for the purpose of quorum which will not be valid therefore we had called general meeting & passed resolution in that meeting.Appointment of MD was also done by holding General meeting & passing resolution in that meeting even though it is private company. So whether such resolution needs to be filed in form 23 or we should file form 32 directly . If form 23 is required than under which section .
21 December 2013
At the time of appointment of MD they had called general meeting & passed resolution. so it was valid ? even though board resolution will do but if the company has passed resolution in general meeting than whether it will valid or not?
CAclubindia
