Ajay Mishra's Expert Profile

Queries Replied : 19473

About me

I am Company Secretary and Compliance Officer of Company doing business in Media Sector and FM Radio. I am dealing with all works relating to Secretarial and work relating to Ministry of Information and Broadcasting (MIB).

Gurpurb Dee Lakh Lakh Wadai !!

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ARTICLES:

1. Procedure for Appointment of Cost Auditors

2. Procedure for Issue of FCEBs

3. Short Note on Issue of FCEBs

4. Note on Foreign Direct Investment (FDI)

5. Procedure for Conversion of Name from Private to Public (Status Change)

6. Disqualifications of Director under Section 274(1)(g)

7. Foreign Exchange Manage Act, 1999_ Basic Understanding

FILES:

1. Articles on Issue of FCEBs

2. Procedure for Change of Name (Status Change)

3. Resolution Passed By Circulation

4. Budget 2012-13

5. Issue of Bonus Shares

6. Procedure for Conducting Statutory Meeting

7. Procedure for insertion of new object clause

8. Procedure for Increase in Number of Directors

9. Public Deposit

10. Yoga Guideline

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Award & Honors:

Ajay Mishra says : IPCC Result
@ Kiran........ Dear Institute has not issued any proposed date for announcing IPCC result. My best wishes for u.....

Ajay Mishra says :
At Kasturi...... The provisions of the Companies Act, 1956 regarding appointment and removal of directors, share qualifications etc. do not apply to such nominee directors. Therefore, nominee directors of IDBI, LIC, UTI and SFCs are not liable to retirement by rotation in a public company and a private company which is a subsidiary of a public company. Ascertainment of directors liable to retire by rotation Let us assume that in a public company:— Total strength of directors is 12 Nominee directors of LIC and UTI are 2 Total strength of directors for the purpose of section 255 10 2/3rd of total strength will be 7 1/3rd of Directors due to retirement will be 3 in the 1st year 2 in the 2nd year, and 2 in the 3rd year If the Articles so provide, the remaining 3 directors will be non-retiring comprising of Managing Directors, Joint Managing Director, and Nominee Director, if applicable, in the above example. If presuming, nominee is from IFCI instead of UTI and is not against non-retiring portion, the total strength for the purpose of section 255 will be 11 and the directors subject to retirement will be 8 directors instead of 7 as illustrated above. Regards

kasturi says : corporate law
Sir, pursuant to section 255 of rhe companies act, 1956 1/3 rd of the directors are not liable to retire by rotation.One of our client public company has 7 directors one among them is nominee director nominated by private equity firm.two of our Managing Directors are not liable to retire by rotation. 1/3rd of 7 directors comes around 2.1 so rounded to 2 directors. Investors wants their nominee to be non retiring director but we dont have space to fit in 1/3rd of total directors. My query is: Whether nominee director will be considered for calculating 1/3 rd as per 255 of the companies act? Whether nominee director be appointed as non retiring director even though there is no space to fit him in 1/3rd of director Investor not ready to increase the number of directors they want at any cost the total director be 7 directors in the company and their nominee be non retiring director. Kindly suggest me whether nominee director be appointed as non retiring director even though already there are two managing directors not liable to retire by rotation. Pls reply at the earliest. pls sugest any case law or any article on this