Section 160 of the companies act, 2013
This query is : Resolved
Revati Sathe
(Querist)
03 February 2017
After companies Act, 2013, provision of Section 160 of the Companies Act, 2013 is not applicable,
(1) whether no need to give notice proposing candidature of person as director or only deposit is not required.
(2) If notice is necessary , can we give shorter notice.
(1) whether no need to give notice proposing candidature of person as director or only deposit is not required.
(2) If notice is necessary , can we give shorter notice.
Jatin Bajaj
(Expert)
03 February 2017
AS PER SECTION 160 OF THE COMPANIES ACT 2013, A PERSON WHO IS NOT THE RETIRING DIRECTOR WILL BE ELIGIBLE FOR APPOINTMENT AS DIRECTOR IN GM IF HAS GIVEN PRIOR 14 DAYS NOTICE SIGNIFYING HIS INTENTION FOR CANDIDATURE OF DIRECTOR ALONG WITH DEPOSIT OF rUPEES 1 LAKH. BUT THIS PROVISION HAS BEEN EXEMPTED FOR THE PRIVATE COMPANIES BUT NOT FOR PUBLIC COMPANY VIA EXEMPTION DATED 5TH JUNE 2015 . BOTH THE CONDITIONS OF 14 DAYS PRIOR NOTICE AND REFUND OF RS 1 LAKH SHALL NOT BE APPLICABLE FOR PRIVATE COMPANY
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