Respected Members,
There are four founder directors in a Private Limited Co who are also the only share holders namely A, B, C and D. The shares of the company are 100% subscribed at a ratio of 25% for each of the directors. Director A has died less than a month ago.
Now, the company doesnot need to appoint an another Director otherwise its mandatory by the Law.
I would like to know :
1. Is it mandatory by the Law to appoint an another Director in the place of the the Ex Director A ?
2. What procedures are to be followed for the ROC and other Govt. Departments ?
3. What is the procedure to transfer the shares of the Ex Director A in the name of B, C and D ?
Early replies form the learned members in easy language is highly appreciated.
CAclubindia
