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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..

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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?