Retirement by rotation of office of MD in a listed company
This query is : Resolved
28 April 2011
In a public company, whether the MD will retire by rotation at the annual general meeting ?
udit sharma
(Expert)
29 April 2011
For this you will have to check the terms of appointment of MD and the provisions contained in the AOA of the Company. If the same do not provide for the retirment of MD by rotation or he has been appointed for a specific term which shall not xceed 5 years, then he is not liable to retire by rotation at the ensuing Annual General Meeting of the Company.
29 April 2011
Thanks for your reply.. Can you please further confirm that when it is mentioned in AOA that the office of MD is not subject to retirement by rotation then he is not to be included while determining 2/3rd no. of directors liable to retire by rotation.. Am I correct ?
udit sharma
(Expert)
29 April 2011
Yes u r correct....
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