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Liability after Resignation of MD in PVT.Co.

Rishikesh kumar singh (Service) (55 Points)

16 February 2011

Hi,

Plz. guide me regarding resignation of MD in Pvt. Co. and also tell me will he be responsibale for the things done by him as a personal capacity during his course for the benefit of Company and what are the procedures to get out of these liabilities? Is there any compliance or legal procedures to get out of these liabilities ?

Rgds,

rishikesh

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2 Replies

CS MOHIT SALUJA (PRACTICING CS Jalandhar 9914558709) (5155 Points)
Replied 16 February 2011

For resignation of MD prom a private limitd company, the company has to obtain the reignation letter from the Managing Director and has to file Form 32 within 30 days of his resignation. And in respect of his liabilities, the MD will be responsible for all the acts done by him during the course of his tenure in his personal capacity although he resign from the post afterwards.

Sudhir Garg (Service) (236 Points)
Replied 16 February 2011

Dear Singh

If such way out is available for such a senior person, then how will government make person responsible for acts done by him. Who will be responsible for the acts done by him??

Anyhow, no wayout and as per my understanding no way out should be there.

Regards- Sudhir