Retire by rotation

This query is : Open

CS Ashish Jain (Querist)
Follow

15 December 2010 Our company is a public company (State Government Undertaking). There are total 11 directors on our board out of which 10 are Nominee Directors. To the best of my knowledge provisions of retire by rotation is not applicable on Nominee Directors.

My question is that, how many directors are liable to retire by rotation at each AGM.

udit sharma

udit sharma (Expert)
Follow

15 December 2010 Hi Ashish...

According to me the remaining Director shall retire at every AGM of the Company.

God Bless

Udit Sharma

Arun Iyer

Arun Iyer (Expert)
Follow

15 December 2010 yes agree

CS Ashish Jain

CS Ashish Jain (Querist)
Follow

15 December 2010 There is only one independent director. so whether he will retire at every AGM.

Jayashree S Iyer

Jayashree S Iyer (Expert)
Follow

16 December 2010 I think this is the only course available.

We have seperate provisions for audit of govt. companies viz., appointment of auditor by passing a Special Resolution, audit of accounts by an auditor appointed by Comptroller and Auditor General, etc. Same way do we have any provisions governing appintments, retirements by rotation, etc. of directors as majority of the directors are nominated by Govt. in such companies. I haven't come accross any such provisions.

Experts please give your comments.

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