SREEDAR (Sr.Manager Accounts) (64 Points)
10 May 2011Dear Sir,
What is the procedure for resignation of Director - Whole Time in a Private Limited Company who is having 2400 shares out of 10,000 shares.
Kindly confirm about the step by step procedure.
If any one could guide on this would be very much appreciable and needful. urgent please!
Thanks for your support.
REgards,
Sreedar.S
Rajesh Kandoi
(Practice)
(39 Points)
Replied 13 May 2011
Resignation from Directorship has nothing to do with the shareholding by that director, he can continue to be shareholder of the company and resign from directorship.
1. first see that after his resignation the no. of directors are not going to be less than two.
2. if articles of company specify particular conditions and procedures for resignation of directors, that conditions and procedures have to be fulfilled and followed.
3. In case of articles do not contain any provisions in this regard, a director can simply put his resignation to the board.
4. board will pass a resolution to accept his resignation, authorise one of remaining direcotors to file form 32.
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