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Process for change of director and share transfer
10-Jun-2023 (In Corporate Law)
What is the process and documentation/filing required for replacing a director in a private company (consisting of 2 directors) with a new director? Also for transfer of shares and any other rights from the outgoing director to the existing director?
The procedure to replace a director (whether due to current director retiring or removed) would be in accordance with the provisions of Companies Act, 2013, read with the articles of association of the company for transfer of shares. A general meeting will have to be convened after giving written notice at least 21 days in advance. The ordinary resolution needs to be passed a simple majority.
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Adv. Srikaanth S Iyyer
Delhi | 25+ Answers
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DIR 12 has to be filed for appointment of new director with board resolution , AGM/EGM resolution, appointment letter and declaration
for share transfer, SH4 form has to be filled alomg with board resolution approving share transfer
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Adv. Rohit R Gupta
Delhi | 25+ Answers
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The change in directorship of a company is possible any time as and when needed. The change includes addition and removal both. There can be voluntary change or due to the demand in change. The demand arises in case of need of an expert in the board or due to death or resignation of an existing director. In any such event, to exhibit the change a company must follow the rules specified under the Companies Act.
Appointment of additional director
Send notice to directors to call the board meeting
Pass resolution for the appointment
File form DIR-12 with MCA
At the time of AGM, pass a resolution to regularize the additional director
File form DIR-12 with MCA
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Adv. Rishabh Bhargava
Delhi | 25+ Answers
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