SEBI Regulations

This query is : Resolved 

24 September 2009

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!

Raj Kumar MakkadOnline (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

Adinath@Avinash PatilOnline (Expert)
24 September 2009

Without approval of the share holder promoter director can't be removed.

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