retirement of directors

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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

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.

Ankur Garg

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.

GSTP Hari Dhayalan Konar

GSTP Hari Dhayalan Konar (Expert)

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

A R Kannan (Querist)

07 November 2009 thank u for your valuable suggestions

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