Retirement of Whole Time Director
This query is : Resolved
Bhaktiulhas
(Querist)
22 November 2009
hi,
My query is that in case of limited company, if any Whole Time director has crossed his age above 70 years then is there any need to file form 32 regarding his retirement of such director from his post of Whole Time Director.
My query is that in case of limited company, if any Whole Time director has crossed his age above 70 years then is there any need to file form 32 regarding his retirement of such director from his post of Whole Time Director.
22 November 2009
The appointment of a WTD is done by the Board of Directors and approved by the Members. At the time of appointment, the tenure is decided and is written in the terms and conditions of his appointment. Hence, this age limit of 70 or any other age does not apply. Once the tenure is completed and if it is decided not to re-appoint him as a Director, then a form has to be filed to note his retirement as a WTD. However, he would continue as an regular director (non-executive director)
22 November 2009
Form 32 is required for changes in directorship. If MD or WTD becomes a regular director or vice versa, Form 32 is required.
Ankur Garg
(Expert)
23 November 2009
Agree
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