retirement of directors
This query is : Resolved
A R Kannan
(Querist)
07 November 2009
In a private limited company, one among the two directors would like retire and come out of the business by settling his portion of liability, the other one would like to continue the business. how the money has to be brought in.
CA. B.SRINIVASULU
(Expert)
07 November 2009
First check up what for the laiability is comming. Whether he has taken any loan or the company has made lossess and for his share of loss he is bringing in moneny.
If it is for loss then let bring the money as additional share capital and he will sell the shares at a lower rate to the other directors.
If it is for loss then let bring the money as additional share capital and he will sell the shares at a lower rate to the other directors.
Ankur Garg
(Expert)
07 November 2009
To comply with minimum requirement of 2 directors before filing form-32 for retirement/vacation file form-32 for appointment of a new director.
Only after approval of form-32 for appointment at MCA site file second form-32 for vacation of office of director.
Only after approval of form-32 for appointment at MCA site file second form-32 for vacation of office of director.
07 November 2009
exact explanation from mr.ankur. Thanks sir. after that we have to see the liability, P/L, good will etc, on the base only finalize the retiring directors responsibility.
A R Kannan
(Querist)
07 November 2009
thank u for your valuable suggestions
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