Yes
Director present at the time of default but resigned later will remain as party to the default as officer in default. Well this is my personal understanding. Please wait for other opinions.
Regards
Ankur ji aab bilkul sahi hai
Thank u both.
Pls solve some more prob regarding the same.
1. My co. is a pvt co. wth more than 1 cr. of cap n other co. is a pub co. in which directors are common & some directors of pvt. co is member of public co. So does this sec 297 applicable??
2. If both the co. are pvt. co. with more than Rs. 1 cr capital thn will the approval 4m CG be taken by both the companies???
Also solve than at the time of contract by a pvt co. MD was appointed. Bt at present that MD's designation is changed to a director. Will MD alone be considered as officer in default or all the directors present at the time of contract. Pls remember Co is a pvt co. in which compulsion of appt of MD isnt there.
Thanks
CAclubindia
