Key managerial personnel resignation framework requires written notice, Registrar intimation, and continuing liability for prior defaults. A whole-time key managerial personnel who is not a director may resign by written notice to the company, and the Board must take note of the resignation and intimate the Registrar within the prescribed form, manner and time. If the company fails to intimate the Registrar within the prescribed time, the resigning personnel may forward a copy of the resignation with detailed reasons to the Registrar in the prescribed manner. The resignation takes effect on receipt of the notice by the company or on the later date specified in the notice, and liability continues for defaults committed during the tenure of office.
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Provisions expressly mentioned in the judgment/order text.
Key managerial personnel resignation framework requires written notice, Registrar intimation, and continuing liability for prior defaults.
A whole-time key managerial personnel who is not a director may resign by written notice to the company, and the Board must take note of the resignation and intimate the Registrar within the prescribed form, manner and time. If the company fails to intimate the Registrar within the prescribed time, the resigning personnel may forward a copy of the resignation with detailed reasons to the Registrar in the prescribed manner. The resignation takes effect on receipt of the notice by the company or on the later date specified in the notice, and liability continues for defaults committed during the tenure of office.
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