Resignation from the Board
This query is : Resolved
Koushik Kumar
(Querist)
22 September 2010
Hi,
I would like to know what is the process, when the board of directors are willing to resign and how many months do we have time to pay back their capital. Kindly advice at the earlist and how to calculate the same.
I would like to know what is the process, when the board of directors are willing to resign and how many months do we have time to pay back their capital. Kindly advice at the earlist and how to calculate the same.
Jagruti (CS)
(Expert)
22 September 2010
On resgination of director. You have to note the same in the next Board meeting and file Form 32 with the ROC.
Regarding payment of capital to director it is a matter of agreement or understanding between the directors. There is no such provision in the COmpanies Act for payment of capital to director or any time limit.
Regarding payment of capital to director it is a matter of agreement or understanding between the directors. There is no such provision in the COmpanies Act for payment of capital to director or any time limit.
Ankur Garg
(Expert)
22 September 2010
Agree with expert.
Company law is totally silent regarding return of capital etc. Rest is very well explained by the expert.
Rgds
Company law is totally silent regarding return of capital etc. Rest is very well explained by the expert.
Rgds
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