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Additional director

pallav (still a learner....) (938 Points)

30 January 2016  

Dear All,

A Private Limited  Co.wants to convert its Additional Director into Regular Director.

After that it'll allot shares of 50,000/- to said director.

Kindly let me know the process to be followed for above two.

 

Regards..


 6 Replies

CS Vivek Sharma (Practising Company Secretary)   (422 Points)
Replied 01 February 2016

At AGM regularise director from additional director to regular director by filing form DIR-12 for regularisation of additional director and change in designation from additional director to director, then make a right issue offer and take right of renounciation from the existing shareholder in favour of the additional director to whom you want to regularise.

pallav (still a learner....) (938 Points)
Replied 01 February 2016

CO's Authorised Capital is 5 Lakhs wheras Paid-up Capital is 1 Lakh only. Now when additional director will be converted as regular director and will be isssued shares for 50000/-. Paid up capital will be 1,50,000/-

How to deal with above situation?

pallav (still a learner....) (938 Points)
Replied 01 February 2016

CO's Authorised Capital is 5 Lakhs wheras Paid-up Capital is 1 Lakh only. Now when additional director will be converted as regular director and will be isssued shares for 50000/-. Paid up capital will be 1,50,000/-

How to deal with above situation?

CS Vivek Sharma (Practising Company Secretary)   (422 Points)
Replied 01 February 2016

There is no problem you have authorised capital of 5 lacs you can allot upto 5 lacs there is no issue.

pallav (still a learner....) (938 Points)
Replied 04 February 2016

Regularisation can be done only in AGM??

CS Vivek Sharma (Practising Company Secretary)   (422 Points)
Replied 04 February 2016

Yes, It can only be done in AGM.


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