Defination of casual vacancy

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VANYA GARG (Querist)
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06 April 2012 Plz confirm me whether Sec. 262 is applicable in case of casual vacany arising out of resignation of Additional or Alternate director

Ajay Mishra

Ajay Mishra (Expert)
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06 April 2012 Hi

The provision of section 262 empowers the Board to fill the casual vacancy of director who was appointed in general meeting.
A director who is additional director and not appointed at general meeting, the provision of section 262 will not apply.

Regards

CA Rakesh Goenka

CA Rakesh Goenka (Expert)
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06 April 2012
262. Filling of casual vacancies among directors.

(1) In the case of a public company or a private company which is a subsidiary of a public company, if the office of any director appointed by the company in general meeting is vacated before his term of office will expire in the normal course, the resulting casual vacancy may, in default of and subject to any regulations in the articles of the company, be filled by the Board of directors at a meeting of the Board.

(2) Any person so appointed shall hold office only up to the date up to which the director in whose place he is appointed would have held office if it had not been vacated as aforesaid.
so here sec 262 not applicable

.

VANYA GARG

VANYA GARG (Querist)
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13 April 2012 Thnkx sir for ur reply.

Can u provide me the relevent part of the section or the relevant case law from where you come to this decision

Ajay Mishra

Ajay Mishra (Expert)
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13 April 2012 Hi
Section 262 read as given:
(1) In the case of a public company or a private company which is a subsidiary of a public company, if the office of any director appointed by the company in general meeting is vacated before his term of office will expire in the normal course, the resulting casual vacancy may, in default of and subject to any regulations in the articles of the company, be filled by the Board of directors at a meeting of the Board.

(2) Any person so appointed shall hold office only up to the date up to which the director in whose place he is appointed would have held office if it had not been vacated as aforesaid.

VANYA GARG

VANYA GARG (Querist)
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13 April 2012 thnkxx sir for clearing my doubt in this regard.

Can u confirm me whether these are the actual wording of the Bare Act or taken from any other book?

Ajay Mishra

Ajay Mishra (Expert)
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13 April 2012 It is actual version of section 262 of the Companies Act, 1956. For more go to the following link:

https://www.vakilno1.com/bareacts/companiesact/s262.htm

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