Procedure For Resignation of Director

     

As per the provisions of Section 168(1) of the Companies Act, 2013 a director may resign from his office by giving a notice in writing to the company.

Procedure For Resignation of Director

  1. A director may resign from its office by giving a notice with the reasons of resignation in writing to the company

   2.  The Board shall on receiptof such a notice from a directorshall take note of the same.

   3. The company shall within 30 days from the date of receipt of notice of resignation from a director, intimate the registrar in form DIR-12 and post the information on its website if any as provided in Rule 15 of the companies (Appointment and Qualification of Directors) Rules, 2014.

4.   According to Revised clause 49 of Listing Agreement a listed company shall forward a copy of the letter of resignation along with the detailed reasons of resignation to the stock exchanges not later than one working day from the date of receipt of resignation for dissemination through its website.

Note: Revised clause 49 applicable to listed companies with effect from 1-10-2014

5. The board shall place the facts of such resignation by the director in the Report of Directors laid in immediately following general meeting by the company.

6. The Director shall within 30 days from his resignation, forward to the registrar a copy of his resignation along with reasons for resignation with reasons provided therein in Form DIR-11 along with the fee provided.

7.  The resignation shall be effective from the date on which the notice is received by the company or the date specified by the Director in the notice whichever is later.

8.  When all the Directors resign at the same time under section 167, in such case, the required number of directors are to be appointed by the promoter or, the Central Government. The Directors so appointed shall hold office till the Directors are appointed by the company in general meeting.

Related Posts:

Draft Board Resolution for Resignation of Director

Section 168 of Companies Act 2013 - Resignation of Director

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