Resignation of Director.
Director of a company is a person elected by the shareholders for managing the affairs of the company as per the Memorandum of Association and Articles of Association of the company. Director in a company may need to resign or the Board of Directors or Shareholders may want to remove a Director for any reasons. In such cases, a Director can resign or be removed by filing the intimation of change of Director with MCA.
The procedure for resignation of director and removal of Director by the Board or Shareholders vary. A Director can resign from a company by giving a notice in writing to the company and the Board is required to file the necessary filings with MCA within 30 days. A Director can also send a copy of the resignation letter to the ROC directly by filing a different set of forms.
FinPark is the market leader in company registration services in India, offering a variety of FinPark is the leading business services platform in India, offering a variety of services like company registration, trademark filing, GST registration, income tax filing and more. FinPark can help you effect resignation of director of a company. The average time taken to file for resignation of director is about 10 - 15 working days, subject to government processing time and client document submission. Get a free consultation on procedure for resignation of director by scheduling an appointment with an FinPark Advisor.
Types of Director in a Company
Managing Director is a Director, who by virtue of Articles of Association of a company or an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of managed of affairs of the company.
Executive Director is a Director, who is in full-time employment of the company. Hence, executive directors are deeply involved with the management of the company and managing affairs of the company.
Additional Director is someone appointed by the Board of Directors between two annual general meetings subject to the provisions of the Articles of Association of a company. Additional Directors can hold office only upto the date of next annual general meeting of the Company.
Alternate Director is someone appointed by the Board of Directors in a general meeting to act for a Director called the original director during his/her absence for a period of not less than three months. Generally, alternate Director are appointed for a person who is a Non-Resident Indian or Foreign Collaborators of a company.
Ordinary Director means a simple Director who attends the Board Meetings of a company and participates in the matters put before the Board of Directors. These Directors are neither whole-time Directors or Managing Directors.
The procedure for removing a Director from the Board of a company would depend on the existing Board of Directors. Our Experts will advise you on the procedure relevant for you.
Once you obtain an understanding of the procedures involved in removing a Director from your Company, our Experts will draft the necessary Resolutions for the procedure.
Once the Board Resolutions are passed, our Experts will prepare and file the necessary documents with the Ministry of Corporate Affairs to register the removal of Director.