LEXSTREET ADVISORS LLP
BACK DATED RESIGNATION FROM DIRECTORS

BACK DATED RESIGNATION FROM DIRECTORS

DIRECTORS' RESIGNATION - EFFECTIVE FROM BACK DATE -  DOES IT SERVE ANY PURPOSE..?....LEGAL POSITION UNDER CA, 2013. Recently many Directors of defaulter listed companies have issued resignation letters to the Board of their respective companies with a back date.  Let us look at legal provisions under the CA, 2013. Section 168 (2) of the CA, 2013 states that " the resignation of a director shall take effect from the date on which the notice is received by the company OR the date, if any, specified by the Director in the notice, whichever is later.  Provided that the director who has resigned shall be liable even after his resignation for the offences which occurred during his tenure..." I am of the view that Notice having back dated resignation from directors should not be accepted at all by the Board of respective companies. Back dated resignation will not serve any malafide intention of directors who are leaving the Board, as the directors are liable for the offenses committed during their tenure...

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