July 16, 2016

Resignation of Director

  1. Resignation of director

(1) A director may resign from his office by giving a notice in writing to the

company and the Board shall on receipt of such notice take note of the same and the

company shall intimate the Registrar in such manner, within such time and in such form as

may be prescribed and shall also place the fact of such resignation in the report of directors

laid in the immediately following general meeting by the company:

Provided that a director shall also forward a copy of his resignation along with

detailed reasons for the resignation to the Registrar within thirty days of resignation in such

manner as may be prescribed.

(2) The resignation of a director shall take effect from the date on which the notice is

received by the company or the date, if any, specified by the director in the notice, whichever

is later:

Provided that the director who has resigned shall be liable even after his resignation

for the offences which occurred during his tenure.

(3) Where all the directors of a company resign from their offices, or vacate their

offices under section 167, the promoter or, in his absence, the Central Government shall

appoint the required number of directors who shall hold office till the directors are appointed

by the company in general meeting

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