Foreign director not attended any meetings of the company

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This query is : Resolved

ARTHI (Querist)

01 June 2015 Dear Friends / Experts,

Please guide me on the following, IF POSSIBLE:

A private limited company has two Directors and they are also shareholders of the company.

Both the Directors are Foreigners.

Query - Foreign Director not attended any meetings of the company for more than two years

One Director (who is holding more than 99% of shares) visits the Company once in three months.

However, another Director (who is also a shareholder) has not visited the Company for more than two years.

Please state the non-compliance on the above query and also the remedial measures.

Your reply, please..............

Thanks in advance for possible replies from all concerned.

Amol S Joglekar

Amol S Joglekar (Expert)

01 June 2015 there is no any restriction as to the place of the meeting. In spite of that if the meetings are not convened, it will come as the qualification in secretarial audit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

01 June 2015 The Ministry of Corporate Affairs (MCA) has notified vide Section 149 (3) which effective April 1, 2014, every company must have at least one resident director.

As per provision of Section 149, this need to be complied with immediately and there is no transition timeline in this. Hence, in the immediate Board Meeting of the company, the Board needs to appoint Resident Director, if it consist both the Foreign Nationals.

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