Vaccation, Resignation, Removal of office

Question 1

Grounds for mandatory vacation

Answer 1

1. Disqualified u/s 164
2. Contravention of 184
3. Removed
4. Ceases to hold office or employment in holding , subsidiary, associate co. by virtue of which he is director in this co.
5. disqualified by order of court or tribunal
6. convicted by court and imprisonment of 6 m or more
7. ABSENTS from all BM held during a period of 12 m with or without seeking leave of absence

Question 2

After how many days should he vacate in case of order or conviction

Answer 2

30 days from such order or date of conviction
+ 7 days from date of appeal or petition
+ 7 days from further appeal

Question 3

When is the reisgnation of director effective?

Answer 3

LATER of date of receipt of notice by co. or date mentioned in the notice

Question 4

What are the intimations by director on resigning

Answer 4

Notice to board in writing - mandatory
forward copy to registrar along with detailed reasons for resignation to registrar within 30 days of resignation - DISCRETIONARY

Question 5

What are the intimations by Co. on resigning

Answer 5

1,Intimate registrar within 30 days

2. Mention on website
3. Mention in report of director’s in immediate following GM

Question 6

Director may forward reason for resignation to registrar to be read as “Shall”

Answer 6

1. 164 (2) (b)

2. Listed cos. as per SEBI LODR