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Change of Director in a Private Company: Steps Involved
1. Written notice is submitted to the company by the seller defining his intention to transfer the shares
2. Members of the company are informed and invited to buy the shares
3. Form No- SH.4 is filled up by the prospective buyers
4. Duly stamped transfer deed is executed by the transferor and receiver
5. Allotment letter or share certificate with the transfer deed is sent to the company within sixty days from the execution date.
6. Shareholders Agreement and Share Transfer Agreement is executed to maintain relations with the shareholders.
What are the requirements of becoming a director?
A Director of a Company must be above the age of 21 and must have a Director Identification Number. The person can be an Indian National or a Foreign National. The Director of a Company has to be a natural person.
What is the Age limit of becoming a director?
There is no such age limit for being director in a company.
What are the conditions of Shareholdings for a director?
The articles may impose a share qualification, but this is unusual in modern companies’ articles. If a company has such a provision in its articles, the shares must be acquired within two months of appointment
Who is a Whole-time Director or Executive Director?
Executive Director or whole-time Director is someone in full-time employment of the company.
What are the Maximum and Minimum Number of Directors in Private Limited Company?
Only an Individual (living person) can be appointed as a Director in a Company. A body corporate or business entity cannot be appointed as a Director in a Company. A company can have a maximum of fifteen Directors – it can be increased further by passing a special resolution.Minimum Number of Director in Company are as follows: – Private Limited Company – Minimum two Directors in case of Private Limited Company – Limited Company – Minimum three Directors in case of Limited Company. – One Person Company – Minimum one Director in case of One Person Company.
What are the disqualifications of a director?
A person who is an undischarged insolvent or has at any time been adjudged insolvent. ,A person who suspends or has at any time suspended, payment to his creditors or makes or has made a composition with them.,A person who is or has been convicted by a court of an offence involving moral turpitude. The first Part of Schedule XIII gives the list of statutes and provides that any person convicted for violating them and sentenced to imprisonment or fine up to Rs 1000 shall not be appointed without the approval of the Central Government.