As per Section 165 of the Companies Act, 2013, No person after commencement of this Act, shall hold office as a Director, including any alternate directorship, in more than 20 Companies at the same time. As further a Person become Director in maximum 10 Public Companies.
A company passing Special Resolution at its General Meeting for reducing the limit of directorships of its Directors.
Transitional Period is One year for all Compliance Requirements.
If any default then punishable with Fine shall not less than INR 5000/- extend INR 25000/- for every day.
Director have to give Resignation through FORM NO. DIR. 11. Notice send to Registrar for the resignation of the Director.