Is it pre-rogative of a Managing Director of a private limited company limited by shares (total 3 directors) to hold in abeyance resignation of third Director (holding 28% equity shares fully paid up) of that company without having any logical or technical reason to do so ?
However,
Duly signed resignation letter was sent to company registered office & MD has threatened not to accept resignation forever ?
Is this MD acting in the best interest of his company ?
Does this resignation is still valid though MD has proclaimed neither to get it proposed & accepted in Board resolution & nor to get approved ?
Is there any remedy for the director who has resigned ?
CAclubindia
