Share holders, Director & employee exit

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Balaji (Querist)
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09 March 2010 Dear Expert.

I would like to know if a Foramtion Director who is a minority share holder & also an employee. what procedure needs to be done to exit him from all the 3 office.

Ankur Garg

Ankur Garg (Expert)
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09 March 2010 1. If you want to remove him from his directorship then section 284 is applicable. U/s 284 by passing an ordinary resolution of shareholders you may remove him from directorship. Within 30 days of removal file form 32 with ROC for vacation of office.

2. To remove his membership status transfer of share is the option. But you cannot transfer his share without his permission and complying with section 108.

3. His removal as employee depends on the terms and condition of his joining as employee.

Regards

Balaji

Balaji (Querist)
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09 March 2010 Sir thank you.

but how about his settlement dues, do we need pay his investment in shares, Current account & salaries payable

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