Co Law
This query is : Resolved
08 September 2009
Where a new company is being incorporated-Is is possible to have protection rights to initial promoter for e.g. Chairman / Director for life. etc.?
(Since the chairman is appointed every 5 years)
(Since the chairman is appointed every 5 years)
Ankur Garg
(Expert)
08 September 2009
Hi Dipti,
If your company is a private Company then provisions relating to retirement of director by rotation are not applicable.
However in case of a public company then provisions relating to retirement of director by rotation are applicable as desired by section 255 and 256.
But as per section 255 and 256 a director retire rotationally and he/she is eligible for re-appointment. So in this way you may continue their directorship.
Revert if there is any doubt.
Regards
If your company is a private Company then provisions relating to retirement of director by rotation are not applicable.
However in case of a public company then provisions relating to retirement of director by rotation are applicable as desired by section 255 and 256.
But as per section 255 and 256 a director retire rotationally and he/she is eligible for re-appointment. So in this way you may continue their directorship.
Revert if there is any doubt.
Regards
09 September 2009
It is Pvt Co.
U mean So if he is appointed as chairman once , Retirement & reappointment of that same person will not be required and thus he will continue to be the chairman for the lifetime.????????
U mean So if he is appointed as chairman once , Retirement & reappointment of that same person will not be required and thus he will continue to be the chairman for the lifetime.????????
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