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Resignation of Director

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Devendra (Querist)
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04 November 2010 X Pvt. Ltd. Co. has taken a loan of Rs. 5000000 from other Y Pvt. Ltd Co., one of the directors of X pvt. ltd resigns before paying back the loan. Will the resignation be accepted? Is this correct?

Happy Diwali...

Regards,
Devendra

DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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05 November 2010 there is no problem of resignation because company law does not prohibit the resignation in this case however if article stipulates or agreement between borrower and lender stipulates any restriction then he cannot resign. happy diwali to u

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