Transfer of Ownership in Pvt Ltd firm

Jonny (PMT) (35 Points)

13 December 2010  

Hi friends,
i'm the director of our pvt ltd company having maximum shareholding in the company.
due to certain reasons, i would like to transfer the ownership of our company to a new member of the family who is in the process of being a director.

Presently there are two directors in the company and he will be the third director. He is my cousin brother.
His shareholding will be 70%, mine will be 10% and dad's will be 20%
In case i decide to keep my shareholding to 1% dad's as 29% will i be able to perform all the actions of a Director or would i have certain limitations? Would it be necessary to have the signatures of more than one directors while signing the cheques or i alone can do it?
Incase i decide to reverse the shareholding pattern after few years, will it be easier to do so or would i have to pump in more funds to get back the ownership?

I would like to keep my shareholding to bare minimum and still have all the rights of the Director (functionality)
therefore is it advisible to keep the shareholding as 1% or 5% or 10% ?

What is the difference between a Director of Pvt Ltd company and a Managing Director?
Which one is better suited for me.

I shall be deeply obliged towards all brief and or concise answers

thank you!