SEBI Regulations

santhosh (Querist) 24 September 2009 This query is : Resolved
Hi all Pls guide me on the following
A Chennai based Medium sized listed company would like to accept resignation of its two PROMOTER DIRECTORS ,one of whom is presently having control of the company.

Is it required to obtain shareholders approval to ensure compliance with regulation 12 of the SEBI TAKEOVER code without the need to go in far public announcement/public offer etc before accepting the resignations of the Promoters/Directors ?

Only there are Two Promoter Directors on the Board.
Thnak You!
riven

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Raj Kumar Makkad (Expert) 24 September 2009
The promoter directors cannot be removed without the approval of the shareholders,however, if voluntarily those directors want to tender their resignation, there may not be any bar.riven