What is meant by agency problem? Explain the role of finance manager in an MNC.

Dear Experts

I am unable to understand section 152 (6) of companies act 2013 regarding retirement of directors by rotation, can you please help me to understanding the crux of following matter with an example.

(6) (a) Unless the articles provide for the retirement of all directors at every annual
general meeting, not less than two-thirds of the total number of directors of a public company
shall—
(i) be persons whose period of office is liable to determination by retirement of
directors by rotation; and
(ii) save as otherwise expressly provided in this Act, be appointed by the
company in general meeting.
(b) The remaining directors in the case of any such company shall, in default of, and
subject to any regulations in the articles of the company, also be appointed by the company
in general meeting.
(c) At the first annual general meeting of a public company held next after the date of
the general meeting at which the first directors are appointed in accordance with clauses (a)
and (b) and at every subsequent annual general meeting, one-third of such of the directors
for the time being as are liable to retire by rotation, or if their number is neither three nor a
multiple of three, then, the number nearest to one-third, shall retire from office.
(d) The directors to retire by rotation at every annual general meeting shall be those
who have been longest in office since their last appointment, but as between persons who became directors on the same day, those who are to retire shall, in default of and subject to
any agreement among themselves, be determined by lot.

e) At the annual general meeting at which a director retires as aforesaid, the company
may fill up the vacancy by appointing the retiring director or some other person thereto.
Explanation.—For the purposes of this sub-section, “total number of directors” shall

Hi,

I would like to know the importance of scanners in CA final exams. Pls guide me in this regard. Subject oriented guidance would be helpful.


Thank you.

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