Closer of private company

This query is : Resolved

Alok A Bhavsar (Querist)
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03 August 2013 Hello,
This is Alok,
My queries are as follows :
01) There is one Pvt co. in which there where
2 directors out which one is died. What
procedures have to follow in this case.
02) Since after death of one director only
is alive and he wants to close the
company what is procedure to do so?
03) Whether this company can avail the
benefit of Fast Track Exit Mode Scheme
(AS this scheme is formed by MCA U/s 560
of the companies act)

Thank You in Advance

Ajay Mishra

Ajay Mishra (Expert)
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04 August 2013 Hi

As per your queries, appointment of director where director of the company is less than the quorum fixed by article for the meeting of the Board. In your case the, the quorum is not, because of the death of one director out of the two director.

In such case you must follow the provision of your company articles read with clause 75 of the Schedule I- Table A of the Companies Act, 1956.

Regulation 75 Says:

In Case the director of the company is less than two or the no. of director fix for the quorum, then the remaining director (continuing director or directors) may act for the purpose of increasing the no. of directors to that fixed for the quorum or summoning a general meeting of the company, but no for other purpose.

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