30 July 2011
Dear, We are 2 directors & 1 managing director in private limited co. Managing Director is not in favour of the company. So,we both directors decide to take resignation of M.D. & I want to be a M.D.from director.
Please give me reply of following queries as soon as possible. 1) Procedure of Resignation of M.D. 2) Can M.D. close a company without taking permission of 2 directors? 3) Procedure of appointment of M.D. from director.
30 July 2011
Dear friend, If it is possible for you to get resignation letter from M.D.
1)Get resignation letter from M.D. and file form 32 within 30 days 2) Without the other directors consent, M.D. can't close the company himself. 3) File form 32 to appoint a director as M.D. within 30 days from his appointment with the following attachments. a) M.D. Consent Letter b) Board resolution appointing him as M.D.
31 July 2011
In addition you have to make a contract with the new managing director finalising his terms of appointment.
The term of the managing Director is only for 5 years and then he is required to be re-appointed. You have give full facts to give full and correct answer.
CAclubindia
