Residential Director is a director who has stayed in India for a total period of not less than 182 days in the previous calendar year. It will be mandatory for the resident director to have a local address in the country and to be currently living in the country.
As per the Companies Act, 2013, every company shall have at least one residential director failing which the company and every officer shall be punishable with fine of not less than Rs.50,000/- but which may extend upto Rs.5,00,000/-. Wholly owned subsidiary companies with only foreign directors are mainly impacted by this provision of Companies Act, 2013.
Merlin Infinite | Room No. 1204 | 12th Floor | DN-51 | Sector V | Salt Lake | Kolkata-700091
Martin Burn Building | Room No. 308 | 3rd floor | 1, R. N. Mukherjee Road | Kolkata - 700001