Director retirement by rotation
This query is : Resolved
11 April 2012
Dear Sirs,
There is public limited company having 3 directors (namely A, B & C) since its incorporation date in 2002.WHO will retire by rotation in the financial year 2010-11.pls explain the concept in details.
There is public limited company having 3 directors (namely A, B & C) since its incorporation date in 2002.WHO will retire by rotation in the financial year 2010-11.pls explain the concept in details.
Ajay Mishra
(Expert)
11 April 2012
Hi
You reappoint the director who was reappointed in the 2007-08. That director will be reappointed in this year if the director has not changed during three years.
Regards
You reappoint the director who was reappointed in the 2007-08. That director will be reappointed in this year if the director has not changed during three years.
Regards
CA Kishore Tallam
(Expert)
12 April 2012
2/3rds of directors shall be liable to retire by rotation and 1/3rd of directors shall actually retire.
Hence, whoever director is liable retire by rotation shall be retired.
Hence, whoever director is liable retire by rotation shall be retired.
Ajay Mishra
(Expert)
12 April 2012
Dear Kishor....
Who will retire in 2010-11. ?
Who will retire in 2010-11. ?
CA Kishore Tallam
(Expert)
12 April 2012
Dear Ajay,
As explained by you, assuming out of A,B&C, B,C are directors liable to retire by rotation. Assume in last AGM Mr. C was retired and reappointed. This means Mr. B is the longest serving person. Hence, Mr. B shall retire now.
As explained by you, assuming out of A,B&C, B,C are directors liable to retire by rotation. Assume in last AGM Mr. C was retired and reappointed. This means Mr. B is the longest serving person. Hence, Mr. B shall retire now.
Ajay Mishra
(Expert)
12 April 2012
Hi
No, please read my answer, if all director are rotational and there is no change in Board, then any A,B or C who was retire in 2007-08 will retire in 2010-11 again.
No, please read my answer, if all director are rotational and there is no change in Board, then any A,B or C who was retire in 2007-08 will retire in 2010-11 again.
CA Kishore Tallam
(Expert)
12 April 2012
Hi..
The author has not specified how many are rotational out of three. I assumed that generally, Companies will put no of rotational directors only to the extent required i.e. only 2 out of 3. In such case, person who retired and reappointed in 2008-09 AGM will be retired in 2010-11.
The author has not specified how many are rotational out of three. I assumed that generally, Companies will put no of rotational directors only to the extent required i.e. only 2 out of 3. In such case, person who retired and reappointed in 2008-09 AGM will be retired in 2010-11.
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