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C.A. LINESH PATIL (Querist)

25 October 2010 suppose if the place of director retired by rotation is not filed and AGM is adjourned then what would be the consequences.

Thanks

Ajay Mishra

Ajay Mishra (Expert)

25 October 2010 Hi

Please read sub-section (4) of section 256 in this reference:

(4) (a) If the place of the retiring director is not so filled up and the meeting has not expressly resolved not to fill the vacancy, the meeting shall stand adjourned till the same day in the next week, at the same time and place, or if that day is a public holiday, till the next succeeding day which is not a public holiday, at the same time and place.

(b) If at the adjourned meeting also, the place of the retiring director is not filled up and that meeting also has not expressly resolved not to fill the vacancy, the retiring director shall be deemed to have been re-appointed at the adjourned meeting, unless-

(i) at that meeting or at the previous meeting a resolution for the re-appointment of such director has been put to the meeting and lost;

(ii) the retiring director has, by a notice in writing addressed to the company or its Board of directors, expressed his unwillingness to be so re-appointed;

(iii) he is not qualified or is disqualified for appointment;

(iv) a resolution, whether special or ordinary, is required for his appointment or re-appointment in virtue of any provisions of I this Act; or

(v) the proviso to sub-section (2) of section 263 l[***] is applicable to the case.

Regards

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