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Remove one director from pvt ltd company

kab (B.Com) (31 Points)

13 January 2016

Hi we recently registered our company on MCA and its me and the investor but problem is that the investor don't want to invest into company and i told them that i can manage all by myself so i want to remove that director from company and he will sign all the documents for that.we both holds 50% in company i have few question relating to this condition 1-can i be only 1 director in company 2-if i need to appoint new director then how can i transfer his shares to my side 3-what will be the cost of this process thanks

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5 Replies

CS Divesh Goyal (Practicing Compnay Secretary) (50220 Points)
Replied 13 January 2016

Dear ,

1. There should be minimum two director in the Company except OPC.

2. You have to appoint new Director by holding of Board Meeting subject to regularization in subsequent AGM. Then take the resignation letter from the investor director and file the forms.drop me mail on csdiveshgoyal @ gmail.com i will provide you complete process and cost for the same.

Raghav Sharma (Article) (110 Points)
Replied 13 January 2016

1.You can introduce another director or can change to company status to One Person company in case if you want only one director in the company.

2. Yes shares can be transfered

3. Filling fees is fixed by ROC depending upon Authorised Share capital

All the compliance should be done under the surveillance of Profeessional.

Ramanuj (Accountant.) (834 Points)
Replied 13 January 2016

agree with above

thanks

kab (B.Com) (31 Points)
Replied 14 January 2016

its 1 lakh share capital and what are the things we need to do like file taxes etc in a year and how much we need to pay taxes even if we are not doing any business and any transaction thankyou

CA Sachin Gupta (Practicing Chartered Accountant) (28 Points)
Replied 15 January 2016

You need to pay 30.9% of the total profit earned in the company plus 7% surcharge if profit exceeds Rs. 1 crore / 12% if profit exceeds Rs. 10 crore..

In case there is no profit, no tax would be payable. But MAT provisions should also be referred to for checking any MAT liability...

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