Addition of Director / Resignation

Director of a company is a person elected by the shareholders for managing the affairs of the company

Addition of Director / Resignation process and documentation

As per the provision of Section 161(1) of Companies Act,2013; The article s of a company may confer on its Board of Directors the power to appoint any person, other than a person who fails to get appointed as a director in a general meeting or the last date on which the annual general meeting should have been held whichever is earlier.

To appoint a director, the person proposing to become a Director must obtain a digital signature certificate (DSC) and director identification number (DIN).

DIN can be obtained for any person who is above the age of 18. The nationality or residency status of the DIN applicant does not matters. Hence, Indian Nationals, Non-Resident Indians and Foreign Nationals can obtain DIN and be appointed as Director of a company in India.

Resignation Of Director

Director of a company is a person elected by the shareholders for managing the affairs of the company as per the Memorandum of Association and Articles of Association of the company. Director in a company may need to resign or the Board of Directors or Shareholders may want to remove a Director for any reasons. In such cases, a Director can resign or be removed by filing the intimation of change of Director with MCA.

The procedure for resignation of director and removal of Director by the Board or Shareholders vary. A Director can resign from a company by giving a notice in writing to the company and the Board is required to file the necessary filings with MCA within 30 days. A Director can also send a copy of the resignation letter to the ROC directly by filing a different set of forms.

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Who can avail composition scheme

Only those persons who fulfill all the following are eligible to apply for composition scheme:

  • Deals only in the intra-state supply of goods (or service of only restaurant sector).
  • Proof Of Does not supply goods not leviable to tax.
  • Identity & Have an annual turnover below Rs. 75 Lakhs (Rs. 50 Lakhs for north-eastern states) in preceding financial year.
  • He shall pay tax at normal rates in case he is liable under reverse charge mechanism.
  • Not supplying through e-commerce operator.
  • Not a manufacturer of – ice cream, pan masala or tobacco (and its substitutes)

Tax Composition

Only those persons who fulfill all the following are eligible to apply for composition scheme:

  • Traders will have to pay 1% tax
  • Manufacturers will have to pay 2% Tax
  • Identity & Restaurant Businesses will have to pay 5% tax