Retirement by rotation
Querist : Anonymous
we are unlisted public Ltd Company having 6 Directors in Board including MD and WTD all liable to retire by rotation.
As per section 255 4 Directors are liable to retires by rotation and as per 256 1/3 of above will retire at every AGM for next three years.
1/3 of 4 comes to 1.3, considering 1 director retiring every year. how will i achieve retiring 4 for this matter?
The directors to retire by rotation at every annual general meeting shall be those who have been longest in office since their last appointment, but as between persons who became directors on the same day, those who are to retire shall, in default of and subject to any agreement among themselves, be determined by lot.
I hope i got your query
opinions are invited
Querist : Anonymous
my question is number of them retiring at AGM would be 1/3 of the total strength or in manner i have asked above.
Managing Director and WTD will not be taken into account under section 255 of the Companies Act, 1956and he will not be liable to retire by rotation.
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