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No, even after the end of the tenure as director, a person can hold the shares in the company. However, if the shares in the company are subscribed as a condition to appointment as provided by AoA, the shares are also required to be disposed of in the manner provided in AoA.
In order to remove a director, the Board should serve serving special notice for conducting a meeting of members and obtain their consent. The exiting director must be given an opportunity to represent his/ her grounds.
Yes. However, at least one Director on the Board of Directors must be an Indian Resident any time after company incorporation.
Only an individual can act as a director in the company. Hence, if any LLP or Company is willing to be added as a director in the company, only its representative/ nominee may act as the director.
There is no requirement to subscribe the shares by the director. However, if the Articles (AoA) of the company prescribe for any such subscription, it must be fulfilled as a condition for his appointment.
No, a director cannot obtain a multiple DINs and obtaining multiple DINs is a punishable offence as per law.
Yes, a director can voluntarily resign. For this purpose, advance notice of resignation must be served upon the company, stating reason(s) of resignation, and necessary compliance must be made with the MCA thereafter.
If the total number of directors is less than the number prescribed, the company shall appoint a director(s) in the company to fulfil the requirement within 6 months from removal/resignation/death of the concerned director.
While carrying any change in the constitution of board, the company must obtain the necessary consent from its Board by passing the appropriate resolution. Further, care must be taken that the number of directors does not fall below the statutory limit after removal or resignation.