director resignation
This query is : Resolved
25 February 2009
if a private company has two director and one of them has resigned and only one director is continuing what are the conseqences and remedies
25 February 2009
As per s. 252(2), every company other than a public company should have atleast 2 directors.
As the directors act in a collective manner through the Board, an individual director as such cannot perform a valid act.
Since there is only one director left, recourse u/s. 260 & 262 are also not available as these powers may be exercised by the Board only. An EGM may be called to appoint a director.
As the directors act in a collective manner through the Board, an individual director as such cannot perform a valid act.
Since there is only one director left, recourse u/s. 260 & 262 are also not available as these powers may be exercised by the Board only. An EGM may be called to appoint a director.
25 February 2009
As this is a private Company, the appointment can be done in a general meeting, preferably an EGM in this case - Refer Sec 255(2). However, any restrictive clauses in the Artciles needs to be borne in mind.
The appointment of atleast one more director is imperative in order to have a minimum qourum (2 directors)and a board of Directors to exist.
The appointment of atleast one more director is imperative in order to have a minimum qourum (2 directors)and a board of Directors to exist.
26 February 2009
thnks but can a single director able to call EGM
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Specified Profession
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- Last year TDS Claim
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
