Resignation of a md from a company directorship

Dear Adithya,

1.Appointment of managing director shall be made by an agreement between the company and the person so appointed.

2.Resignation is governed by the provisions of companies act, subject to agreement made.

3. Resignation is effective when it is accepted by the authority which appointed him.(board, agm)

PROCEDURE FOR RESIGNATION OF MANAGING DIRECTOR

1.       After getting resignation letter from Managing Director, call a Board Meeting.

2.      At Board Meeting, you will take not and approve the resignation of Managing Director.

3.      Download Form-32 from www.mca.gov.in

4.     Fill up the form -32 and attached copy of resignation letter of managing director,

5.     Upload Form-32 with  www.mca.gov.in

6.      Make payment of Challan

7.     You must check whether form is approved by ROC.

8.     Intimate MD of such filing of ROC.

9.     Make entry in Minutes Book accordingly.