Director liable to retire by rotation

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This query is : Resolved

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)

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)

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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