Legal Question in Business Law in India
retirment of a director from a pvt ltd co.,
One of the director of a pvt limited company wants to reteire taking his share of capital. What procedure followed so that his connection with the company is totally severed.
3 Answers from Attorneys
Re: retirment of a director from a pvt ltd co.,
Transfer the shares to the existing memebers in consonance with the Articles of the Company.
Re: retirment of a director from a pvt ltd co.,
If any director want to retire from the directorship, he just submit his resignation to the board of directors and company will file form 32 to the ROC within 30 days of resignation. But he can't withdraw his capital, as company can not redeem his share capital. He can transfer his shares to the other director/partner or any public and get money in consideration.
Re: retirment of a director from a pvt ltd co.,
The other directors may purchase his shares and permit him to retire from the company.
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