Director resignation

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vishal sikariya (Querist)
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22 August 2013 Sir
A Managing Director after his resignation signs the annual return and balance sheet of the Company for next financial year.
What Company Can Do
And What Penalties can be imposed on Managing Director and Company.

Please guide me sir

Ajay Mishra

Ajay Mishra (Expert)
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22 August 2013 Hi

How, he can sign the Annual Report. I think the ROC will issue notice under section 234 of the Companies Act, 1956.

vishal sikariya

vishal sikariya (Querist)
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23 August 2013 Sir Thank you prompt reply
but actual problem is Managing Director signed the Balance Sheet of the Company for the financial year ended 2011-2012 but in 2013-2014 M.D. has filed form 32 to ROC from back date in December 2010

So the Defaulting MD would be liable for what type of Penalty and under which Section?

Ajay Mishra

Ajay Mishra (Expert)
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23 August 2013 They will face penal provision under section 621 and 621A of the Companies Act, 1956.

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