Liability of director

This query is : Resolved

Sneha (Querist)
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19 February 2013 Please reply urgently.
A Public Company (unlisted) wants to appoint a Non-Executive Director. The Company wants to keep the liability of the Director limited upto the extent of shares held by the said Director. Can it be done by entering into agreement with the Director and filing Form 23 for the same. Is it legally tenable (Shareholders have agreed for the same)
Is there any other way to do so ??

Guest

Guest (Expert)

19 February 2013 In case of Public Company (Unlisted),

FOR APPOINTING NN-EXECUTIVE DIRECTOR:
COMPANY SHALL PASS RESOLUTION FIRST AND THEN AFTER COMPANY SHALL FILE FORM 23 FOR SAID RESOLUTION PASSED AND FORM 32 FOR APPOINTMENT OF DIRECTORS.

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