Resignation by director

Dear All

Pl. advise that if a person is a director in a Pvt. Ltd. and holds certain shares as well and he wants to resign as the Director from the Board then apart from intimating about his resignation to the Board and in return company filing form 32 with MCA, what other formalities are to be done if:

1. he dont wish to continue as shareholder?
2. he continues as shareholder, can it give rise to any liability as shareholder for any misappropriation on the part of Company/other director??
3. Can he be make liable for any misappropriation on company or other directors part, when he was continuing as Director and he resigned as soon as he came to know about the misappropriation.

Regards