Retire by rotation

This query is : Open

CS CHHAYA LAKHMANI (Querist)
Follow

02 May 2017 We have 2 non- executive director, 2 independent director and 1 manager in listed company. Please suggest who will be liable to retire by rotation?

Thanks in advance.

Jatin Bajaj

Jatin Bajaj (Expert)
Follow

03 May 2017 According to section 152(6), every public company at AGM shall follow the process of retire by rotation of director. at every AGM held after the date of appointment of director out of 2/3rd of the Director who are liable to be retire by rotation , 1/3rd no of director shall retire by rotation and the same procedure shall be followed at subsequent AGM. at AGM of the Company where the Director retires , the Company appoints retiring Director or some other person as the Director.
It may be noted that the total Number of Directors shall not include independent Director. And the Director retire by rotation are those who are the longest in their office since their last appointment and the person who become the director on same day and shall be liable to retire shall subject to the agreement among themselves determined by lots.

Message likes : 1 times

CS CHHAYA LAKHMANI

CS CHHAYA LAKHMANI (Querist)
Follow

03 May 2017 @Jatin Bajaj
thank you so much

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now