Situation : A private company in its articles states that the first directors shall hold the office for life and shall not be lible to retire by rotation.
Query : What is the procedure for such first directors holding office for life to discontinue from his directorship?
Hi ,
Firstly if ur sole consideration is to remove the director then u need to ammend the articles in giving affect to this, thereafter u may remove him by taking the matter in the AGM.
Dear Friend
If the first director give his/her resignation from the post of director then you can accept such resignation in the Board and File Form-32 with ROC. There is no need to alter company’s article on this matter.
A director is free to resign from the post of director whether he/she is first director or WTD. In case of MD the resignation will be effective only after accepting their resignation in Board.
Regards
CS Ajay Mishra
CAclubindia
