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How to ensure that Resigned Directors get re-appointed
08-May-2023 (In Corporate Law)
Team, There is a case in a Private Limited Company wherein two Directors resigned due to misunderstanding. Their shares were transferred but share transfer forms was not signed. After few months the resigned Directors are calling upon the existing Directors of the Company and claim that they are majority Shareholders. Now the resigned Directors are sending notice in conducting the general meeting to enable them to get appointed as Directors of the Company? Would this be valid?
Yes, as long as the respective resolutions by the board is not executed in proper manner, and the same if not been submitted to the Company Registry as per rules and procedures. Resigned directors may have option to get back on to the position. As such, the whole proceedings would depend on the other agreements they have between, such as the Financial Agreement between these directors,and weight and rights of each shareholder.
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