Legal Question in Banking Law in India

director resignation

We are 2 directors running a Pvt Ltd Company.We are enjoying credit facilities from bank and the project is still in the construction stage. Both the directors have given their personal guarantee to the bankers. Now I want to resign as the director and the company is ready to appoint another director who is ready to give his personal guarantee to the bank. Will the bank accept my resignation and release my personal guarantee if they find the new candidate for director as per their norms and fulfillment.


Asked on 12/31/08, 3:35 am

5 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: director resignation

Already replied.

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Answered on 12/31/08, 4:19 am
J. Radhakrishnan independent Practice

Re: director resignation

Please see my answer to the same question earlier.

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Answered on 12/31/08, 5:04 am
Vishwa Arya Arya & Co.

Re: director resignation

It has already been answered

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Answered on 12/31/08, 5:12 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: director resignation

The Bank may or may not agree with your request till the loan is pending.

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Answered on 12/31/08, 7:45 am
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

Re: director resignation

Bant may or maynot accept your request untill they realise their credit

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Answered on 12/31/08, 12:15 pm


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