Can the only remaining director sign the company sale deed ?
Pranav
(Querist) 24 September 2014
This query is : Resolved
Respected Sirs,
I'm seeking expert advice and in my search I found this website and panel very satisfactory. My Mother and Father are the only two Directors with shares in the PVT Ltd., of which my Father left for heavenly abode recently. My father had already initiated sale of the company due to debts primarily and other issues before his sudden sad demise. Can my Mother (she has our family members positive consent to go ahead) sign the sale deed and other necessary documents towards the sale?
As the company takeover person (buying party) has to make balance payment with us, we would like to be cautioned before signing any further papers for fear of non payment.
My mother being a housewife and us (sons and daughters) have little knowledge on the said topic and seek your help on the above said.
Pl advise.
Pranav
(Querist) 24 September 2014
Thank you Mr. Arunagiri ji for your prompt reply. Wish to further inform the party wants to be appointed as independent directors in the company now before making any payment. They say this is to be able to pass resolution towards transfer of shares. Is this okay?
ABDUL RAZIQUE
(Expert) 25 September 2014
If Your mother is a director and have similar name in the deed of property transaction deed then she can. if not then she should take order from the registrar of the company as per company rule.
insert a new director in the company consult your corporate lawyer, that will guide you rightly.
T. Kalaiselvan, Advocate
(Expert) 01 October 2014
You may follow the advise rendered by expert Abdul Razique in this matter. a corporate lawyer will be able to guide you on all other further issues too.
Pranav
(Querist) 01 October 2014
Thank you for your replies. I am looking for a corporate lawyer as advised
Hemant Agarwal
(Expert) 13 October 2014
Private Ltd Co. equals to "minimum" Two Directors for "ANY & ALL" purposes.
Public Ltd Co. equals to "minimum" Seven Directors for "ANY & ALL" purposes.
Anything contrary to the above, for signing any document /agreement /whatever, shall be "null & void".
With the written permission from ROC, call a "board meeting" and induct (replace) one director in place of deceased director AND ONLY THEN THE TRANSACTION WILL LEGAL ENOUGH.
Keep Smiling .... Hemant Agarwal
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