17 April 2012
If a director is to be removed by the other directors from a pvt ltd company against his wish what is the procedure.
In case a director resigns what legal formalities have to be taken care by pvt ltd company. Whether is he elgible to claim any goodwill from the company as the company has not yet closed its books of accounts from the day one ( the period is only 4 months and it is real estate company)
Yes, every company either private or public has to hold the AGM. in special cases you have to call Extra ordinary General meeting i.e. EGM.
You have to hold EGM and 51% shareholder must voted for removal of director. Shareholders has been vested with power to remove a director not other directors.
He is removed from board but still be a shareholder. another share holders will purchase his shares and with this company has nothing to do.
CAclubindia
