Hi,

This is with regards a Private Limited Company having 4 Directors each having 20-25% of the Shares. One of the Founder Director, Mr.X who is holding 25% of the Shares wants to transfer 50% of his Shares to his Son-In-Law Mr.Y and desires to bring him in as a New Director to the Company.

A board resolution, to allow Mr.X to transfer his Shares and for appointing Mr.Y as a new Permanent Director to the Company was passed. Later, the CA to the company conveyed that -

1. New Entrant has to first put an application to the Company for purchase of a nominal number of Shares (any number).

2. The Company than has to pass a Board resolution where in the new entrant shall be assigned the status of a "Permanent Director". The new Director than will have to apply for DIN.

3. The New Director than shall have to buy atleast 500 Shares within 3 months of becoming a director, The transferer (Mr. X) than can transfer his Shares to the transferee (Mr. Y)

4. The details of the newly appointed Director than shall be filed to ROC online.

My query - Is this process correct for appoinment of a New Director who does not hold any Share to a Private Company?

Thanks in Advance to all experts for their opinion.

Regards,

Arkaraj

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Respected Experts ,
Whether a Pvt.Ltd Company can accept loans from any outsider.
and if it is aviolation then what will be its consequences.

respected sir, i wanted to ask can a minor give loan to his father? also income generated from such loan invested in land by father is taxable in who's hand?

Dear Team

In pvt ltd company while filing form 32 for appointment and cessation of director, which documents needs to be attached.

For eg.
Any declaration from newly appointed director
Any resignation copy of retiring director

pls guide the way forward and also provide necessary formats of same. thanks.......

Dear Sir,
Kindly heed your attention on following issue-

1.A person is appointed as company secretary, some time later, the CS is appointed as the Director in the same company. Can he be called WTD? (he is in the employment of company and holding Directorship as well)

2.Please also describe that is there need to follow provisions of WTD in above mentioned case separately, if above said situation fall in WTD?

Please throw the light on it and indicate the relevant provisions in this regard.

Looking forward to your kind reply.

Thanks and Regards,
Harvinder Kumar Dinker

Dear experts

Pl guide the procedure to close pvt ltd company.
thanks.

Sir As per sec. 3(1)(III) privated companies are restricted to accepts the deposits from the public now my question is that Is there any difference between the two terms loans & deposits accoding to the company law if private company accepts the loan from Public.
Please reply that can a private accept a loan from the public?

I like to create a Management Consultant Pvt Ltd. for this give some guidance as a ca which type of object clause on MOA is preferable