RE-APPOINTMENT OF INDEPENDENT DIRECTOR

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This discussion clarifies the re-appointment of an Independent Director whose initial term began on 31st August 2015. The consensus is that the term expires on the 2020 Annual General Meeting (AGM), not a fixed date. General Clauses Act and financial year definitions do not apply here, meaning the standard director appointment procedures should be followed for re-appointment.

siddhi

siddhi (Querist)

12 August 2020 I have a query.. The Independent Director was appointed on 2015 AGM i.e. on 31st August, 2015..whether term will be expired on 30th August, 2020 or till 2020 AGM? ...and if term will be expired on 30th August, 2020 then what is the period to re-appoint ID.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 August 2020 Term expires on 2020 AGM.

Inference :-
* the above observation is not in the act and rules.

* clause 3 of General Clauses Act, can't be applied since it will negate the provision of Co's Act,2013.

* section 2(41) can't be applied because it defines 'financial year' and not 'year'.

* hence manner of appoint of Director's shall be followed.

siddhi

siddhi (Querist)

08 September 2020 Thank you Sir..........

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