Easy Exit Scheme 2011

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Parth Maken (Querist)
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29 December 2010 Dear Sir,

Please tell me that if a director of a company who has already resigned from the directorship of a company is required to sign the affidavit / indemnity bond required to be signed under this scheme? The point to be noted here is that although the director has resigned and the Board of Directors has accepted the retiring director's resignation but there is no such intimation from the Company to the R.O.C. ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 December 2010 The solution I foresee is to file e-form 32 w.e.f the date of resignation meaning thereby the resigned director can be excluded from the execution of affidavit / indemnity bonds etc.

Parth Maken

Parth Maken (Querist)
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29 December 2010 Thanks Sir,

But Easy Exit Scheme, 2011 says:
"(f) The Form shall be accompanied by an affidavit annexed at Annexure- A of Form EES, 2011, which should be sworn by each of the existing director(s) of the company"

Jayashree S Iyer

Jayashree S Iyer (Expert)
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30 December 2010 That's why it is suggested that first you file form 32 for his resignation effective from the date of resignation and once the form is approved (normally it gets approved in a day or 2) his name will be removed from the list of directors. Then go ahead with making application under EES 2011.

Even though his exit is not informed to ROC by filing Form 32, he is relieved from the directorship from the date of his resignation. Hence on the date of application for EES he will not be a director and it's not right to attach his affidavit.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 December 2010 With due respect, I disagree with your observation in the 2nd para herein above since for want of e-form 32 the concerned person is a director in ROC's role which leads to the execution of indemnity bond / affidavit.

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