How to resign as a director of a Privated Limited company?

Question

Hi,
I want to resign as a director of a private limited company. I went into patnership 2-3 years back .. but now I think it is a useless firm and want to resign. I no longer want to keep any interest in the company. Please advise me what documents need to be filed and do I need signature from other partners.
The company is located in Bangalore and I am in some other place. Any reference to a CS/CA who can do it on my behalf will also be appriciated.
Thanks. Raj

Answer 1

Get the advice an auditor.
You send a letter to the Managing Director expressing your
intention to give up your directorship.
You will have a sort of a board meeting even yours is a
small company.
If your resignation is accepted by the other directors, you can
get a release from the company .
You will be required to bear your share of the losses in the
company. If any refund of your share amount is due, the company has to pay you. If there is no liquidity you have to get it in writing that the company owes you so much of money..
The other directors , including the Mg Director should sign
a document to that effect. The document should be in the format of a promissory note payable to you jointly and /or severally.
Each individual who signs ,will become liable to pay you
irrespective of company's future liabilities, because
company's authorised capital would be limited and that what ever the company may owe you will come within the frame
of limited liability. You will loose your investment.

Answer 2

You need to send your resignation letter to the Board of Directors, copied to the company secretary. If there's a minimum no. of directors stipulated in the co's M&A and by resigning, the no. falls to below that minimum, you would not be allowed to resign. Otherwise, it should be ok and the co. secretary should call a directors' meeting to accept your resignation and minute the resolution as a record of your resignation.

Answer 3

Go and find out any chartered accountant from yellow pages and he will solve your problem . It is easy .