Director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2010
Hi,
An Unlisted public limited company is having three Directors (all of them are additional directors). Do the company is violation the any provisions of sec 255 of act. If the company wants to form Audit committee U/S 292A of act what is the procedure. Please advice me.
An Unlisted public limited company is having three Directors (all of them are additional directors). Do the company is violation the any provisions of sec 255 of act. If the company wants to form Audit committee U/S 292A of act what is the procedure. Please advice me.
27 January 2010
The company is not in default or violation of any provision of companies act.
The procedure for formation of audit committee will remain the same, irrespective of the fact that all are additional directors. Pass a Board Resolution to form the committee and also specify the powers and responsibilities.
The procedure for formation of audit committee will remain the same, irrespective of the fact that all are additional directors. Pass a Board Resolution to form the committee and also specify the powers and responsibilities.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 January 2010
U/S 260 of act the additional director has to vacate the office during the next AGM irrespective of AGM happened or not. Assuming that no AGM happened then there will be no director for the company. Is it not violation of act.
29 January 2010
If no AGM is held, the default is for not holding the AGM.
The Additional Director will retires automatically. Hence, further default is not regularised in three months. But why do you feel that AGM will not be held?
The Additional Director will retires automatically. Hence, further default is not regularised in three months. But why do you feel that AGM will not be held?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- ITR-Capital Gain
- IT returns for fresh job holders
- F&O reporting in ITR
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
