Appointment of a director
This query is : Resolved
07 May 2013
Hi,
I have incorporated an Pvt. Ltd.company and have 2 directors. Both the directors have 50% stake each.One of them doesnt want to carry on and we dont have any one else to be an director in his place at the moment.
Can we make him Non-executive director and transferring some of his shares to the other director and carry on with the usual business? We also dont want his interference in the business in future. Please suggest a possible remedy.
Thanks in advance.
I have incorporated an Pvt. Ltd.company and have 2 directors. Both the directors have 50% stake each.One of them doesnt want to carry on and we dont have any one else to be an director in his place at the moment.
Can we make him Non-executive director and transferring some of his shares to the other director and carry on with the usual business? We also dont want his interference in the business in future. Please suggest a possible remedy.
Thanks in advance.
08 May 2013
There will be no change in the legal position of dis-interested director if you appoint him as NED and transfer some of his shares. He will continue to become liable as director for the acts of the company.
22 June 2013
I agree with the expert. To be on safer side you should have 1 more director.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- TDS AND ITR ISSUE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- EXPORT COMMERCIAL INVOICE HSN CODE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
