Nominee director

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2012 hello'

All directors can be nominee director in a public company? is Nominee director liable to regularize in the AGM and 32 have to file or not?

Ajay Mishra

Ajay Mishra (Expert)
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25 October 2012 Hi

First of all nominee means what:

1. Nominee appoint by bank/financial institution or
2. Nominee means other than above.

In case of Nominee appointed by Bank/Financial Institution:

The nominee director is not count for determining the strength of the Board or for the purpose of retirement of directors by rotation in the case of nominees and institutions which nominate them by virtue of power vested in them under the encasement under which they have been constituted. In other case such nominees will be counted for the purpose of determining the strength of the Board and for determining the number of directors liable to retire by rotation.

In case of other nominee:

You can regularise him under section 257 at AGM.

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