Sir,

pursuant to section 255 of rhe companies act, 1956 1/3 rd of the directors are not liable to retire by rotation.One of our client public company has 7 directors one among them is nominee director nominated by private equity firm.two of our Managing Directors are not liable to retire by rotation.

1/3rd of 7 directors comes around 2.1 so rounded to 2 directors.

Investors wants their nominee to be non retiring director but we dont have space to fit in 1/3rd of total directors.

My query is:

Whether nominee director will be considered for calculating 1/3 rd as per 255 of the companies act?

Whether nominee director be appointed as non retiring director even though there is no space to fit him in 1/3rd of director


Investor not ready to increase the number of directors they want at any cost the total director be 7 directors in the company and their nominee be non retiring director.

Kindly suggest me whether nominee director be appointed as non retiring director even though already there are two managing directors not liable to retire by rotation.


Pls reply at the earliest.

Dear everyone,

Our company is a listed company and would like to REVALUED its Fixed Assets. Please let me know the procedure to be followed for such revaluation of fixed assets as per Companies Act 1956 or any other statutory requirements to be followed under any other Statute. Whether it is required to communicate with the stock exchange or intimation to be send to shareholder etc. Please help me urgently.

Regards,

Shyam

Dear friends,

Need ur expertise on this.

Want to recollect the concept and provisions for rotational Director (Sec 254 255 256):

First director are appointed as per AOA, assume named in AOA of co. and no further provisions are given in respect of them as per sec 254 (Sec 254)
During First AGM following process is followed
A. All First director retire at first AGM and are eligible for reappoitment.
B. Shareholders choose the directors who are non-rotational, maximum of 1/3

3. In the Second AGM first the rotational directors are retired.

Is this process correct or

First director don't retire at AGM
Rotational and Non - Rotational directors are decided by Board among themselves anytime before AGM
Waiting for your comments.

HAI EXPERTS,
MY QUERY IS WHEN WE ARE FILING FORM-2 FOR ALLOTMENT, IT SHOULD BE PRECEEDED BY FORM-23 OR NOT. KINDLY CLARIFY?

Dear Sir
I want legal view on if Mr. A is a share holder and he died then his shares can be nominated to his legal heir (i.e. Mr. B ) just by Application and requisite formalities i.e. Without Stamp Duty. But my Question is if the shares are directly transferred from Mr. A to Mr. C ( i.e.Mr. B’s Son ).Whether the Stamp duty is applicable? And what formalities are required to be followed?
Mr. B has no objection in it and ready to give affidavit on it. All documents are available.
WILL mentions nothing.

Dear All,

I have a query regarding the appointment of Whole-time Director of a public company.

Can we appoint a whole-time director by circular resolution?

If we refer section 289 and 292, it lists down the businesses which have to be transacted only at board meeting. This list does not include appointment of WTD.

Please Clarify.

Can minor become a director in public company or in private company?

as some authors believe that DIN is not provided to minor but MCA not clarified about that.

As per any provisions of Companies act. is there any restriction for having more than one chairman. one can be chairman of the board and general meeting and other will precedes over sub committee.
please reply.......

Dear Experts,

A Pvt Ltd Co. which has Rs. 1,00,000/- paid up capital.
In future its capital decreased than what will happen ?
Please tell me as soon as possible.

After how many days of incorporation of a private company, the share certificate must be issued?