We are a Limited company from West Bengal, We have 3 promoting Director with share and 4 key employee cum promoting shareholder (5 Lac authorized capital).
Now 1 key employee cum promoting shareholder has placed his resignation, as per our terms he has to serve 6 months notice period, at the end of notice period we will give him a Provisional release letter and release him from day to day activity. And the final release letter we will provide after the Roc shows new name after his share transfer. In the Provisional release letter, we include some condition that is "Being a key employee cum promoting shareholder and a key board member of the company you have lots responsibility, we are releasing you from day to day activity but you need to report if any issue arises and for your share transfer to another person and to reflect that change in ROC will take 1 year max, upon those confirmations we will give you final release letter"
Now the question is can we give this 2 format of release letter with compelling with industry law.??
Your valuable response will be worthy for us.
Thank you
