Learner (Student) (409 Points)
13 May 2017In a private limited company, a local managing director is holding one share and a NRI is holding 9999 shares of INR 10 each. Now, a local managing director wants to resign as a director and he does not want to be a shareholder also basically he wants to leave that company. From local managing director point of view, what are the procedure he has to follow in order get rid of this company.
Thanks in advance,
Sudhir Todkar
(CS Professional)
(1021 Points)
Replied 13 May 2017
Learner
(Student)
(409 Points)
Replied 14 May 2017
Thanks Sudhir for your reply.
Should MD wait until company finds another member/shareholder? He wants to quit the company as a MD and shareholder as well. The NRI other director is forcing him not to pay salaries to the employees. The NRI director is also a partner in which Indian company is providing service to that partnership firm and NRI is not transferring any money to pay the admin charges to Indian company. Since this is against labour law, Indian director(MD) wants get out of the company as a MD and shareholder. Your input will be appreciated.
Thanks in advance.
Sudhir Todkar
(CS Professional)
(1021 Points)
Replied 15 May 2017
CAclubindia
