Directors retire by rotation
This query is : Resolved
13 August 2013
Our Company is public limited Company having 6 directors. Out of 6 directors 1 is MD and 2 are WTD. Our AOA provides that MD and WTD are not liable to retire by rotation. So please guide me as per Company Law, How many directors I need to retire this year?
Rajat Poddar
(Expert)
13 August 2013
1/3rd of rotational directors shall liable to retire at every AGM , in ur case 1/3rd of 3 is 1 so 1 rotational director shall liable to retire[sec.256(1)]
13 August 2013
Thank you Sir. I have one more query. As Act provides that not less than 2/3rd of the total number of directors are subject to retirement by rotation. It means not more than 1/3rd directors should be non-retirable. But in our case 1/2 of total no. of directors are non-retirable. is it proper?
Rajat Poddar
(Expert)
13 August 2013
ya according to me its proper..according to me solution provided by me is absolutely correct though u can confirm it from experts...
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