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Resignation of a director

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(Querist)
16 February 2015 Dear All,

There is a company of 2 Directors which was formed as per Companies Act, 1956.

Now 1 director in the company wants to resign. My question is, can a company run with 1 director since the Companies Act, 2013 is now applicable and whats the process for the same.

Thanks,
Divyesh Jain
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c.bakshi

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c.bakshi (Expert)
16 February 2015 NO...Every Private company must have atleast 2 and Every Public company shall minimum have 3 directors. however, 6 months maximum time period to comply with the provisions of minimum directors for the company. in the absence of the above criteria the company and the authorised person shall deemed to be in default and has to pay penalty
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DIVYESH JAIN

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DIVYESH JAIN (Querist)
17 February 2015 Dear Sir,

Thanks for your reply, but then, what about the new provision which states that a company can be formed with 1 director
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Chetan Patankar

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Chetan Patankar (Expert)
17 February 2015 That is possible in case of One Person company. Every other private co. Shall have at least 2 directors.
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DIVYESH JAIN

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DIVYESH JAIN (Querist)
17 February 2015 Ok, so is there no way I can covert this company into One Person company.
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Chetan Patankar

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Chetan Patankar (Expert)
17 February 2015 Yes.. Conversion is possible.
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