Hello,
Can anyone provide me solution for the following query?
If a director of a listed co. wants to re-designate himself from WTD to director before his tenure,
- whether by passing a resoln. in B.M. and accepting his resignation letter as WTD and consent as a director (by filing Form-32 for re-designation) with the same terms & conditions (for payment of remuneration) is sufficient?
- Do we need to take shareholders approval?
- Any draft resolution available?
Pls. guide
hi shruti, i have posted ur query on my page wall pls check here
According to me yes
You should take shareholders approval. Reason being WTD is a premium position responsible for major decisions in a company as an executive director. So change in designation should be approved by shareholders.
Do not forget to intimate stock exchange.
Wait for other opinions.
RG
For change in the designation from WTD to Director (Non Executive) no approval from shareholders is required.
However, in case Director is to be changed to WTD, approval of shareholders is required for remuneration.
You have to only pass Board Resolution and re appoint him as a Director as you have mentioned above and file form 32 for change in designation.
Accordingly, intimate the stock exchange.
Dear Sir
Pls mail me resolution format change from Whole time Director to Director
Thanks & Regards
V.Amarendra Babu
Hyderabad
CCI
Pro
CAclubindia
