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Director liable to retire by rotation

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Querist : Anonymous

Querist : Anonymous (Querist)

06 June 2016 What is the procedure when a director liable to retire by rotation, offers himself for reappointment. Basically is he/any other member required to deposit rupees 1 lakh proposing his name or not under CA 2013?

Purnima Parashar

Purnima Parashar (Expert)
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07 June 2016 AS per section 160 the provision to deposit sum of one lakh rupees is applicable for a person who is not a retiring director in term of section 152 .

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2016 Does this mean, a director who is liable to retire by rotation can offer himself without depositing 1 lakh rupees?

Purnima Parashar

Purnima Parashar (Expert)
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07 June 2016 As per my understanding of section 160 read with applicable rules in case of retiring director sum deposit of Rs .1 lakh is not required

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