In the present case company has 6 directors in office. The number of Director liable to retire by rotation u/s 255 comes to 4 (2/3rd of 6 is 4). Managing Director comes in the balance 2 Non-rotational directors.
Director should retire u/s 256 ==== Nearest to 1/3rd of rotational directors comes to 1. (1/3rd of 4 is 1.33 i.e. nearest to 1.33 is 1).
Therefore one director shall retire from the office at the ensuing AGM. However he shall be eligible for re-appointment.
No doubts poonam, u can go ahead with the conclusion of ankur sir.
others plz take note that,section 256 and 255 need be read together. Section 255 says about the quantum of Rotational Directors ,ie, not less than 2/3rd of the total number of directors of public company shall be persons liable to determination by retrement of directors by rotation.
then section 256 says : 1/3rd of directorsas are liable to retire by rotation shall retire from office.
So here , as caculated by the learned member 4 (2/3rd of 6) should be directors liable to retire by rotation or in other words u can have 2 amongst 6 being the directors not liable to retire by rotation.
now amongst this 4 directors , as per sec 256 , 1 ( nearest of 1/3rd of 4 ) shall retire at the ensuing AGM., eligible for reappointment.