For a Private company where there are 3 directors of which 2 directors are holding 60% and 40% shareholdings in the company. The Director with 60% share holding has passed away in Jan 2017. The directors have informed about this very late (around Sept 2017) to the auditors. The auditors informed the Directors that if they want to remove the deceased Director they can do it immediately (there may be a penalty) Or whenever the Directors are ready. Now since the department has introduced the Dir-3 KYC… Please help me with the following-
As you know Dir-3KYC has to be done before 31st August 2018 to keep the DIN active. If the DIN becomes inactive, can we resign the Director as they are deceased?
How does the transmission of shares happen? (I mean what’s the process and what are the documents that the other Directors need)
What’s the process of resignation in this situation?
How long does this process may take?
CAclubindia
