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Section 161 read with section 160 of co. act 2013

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(Querist)
07 April 2015 Dear Experts,

ABC private Limited have appointed one additional director Mr. X in the BOD of the Company. Now Company wants Mr. X will be on the Board of the Company and members does not rose any objection and they are ready to regulariise Mr X. in the AGM. Now question arise that, Do Mr. X have to give Rs. 1,00,000/- as an deposit with the Company ?

Kindly through some lights on this query and do the needful.

Thanking you.
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VISHNU PRASAD GHUWALEWALA

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VISHNU PRASAD GHUWALEWALA (Expert)
07 April 2015 Deposit is required to be given by a Member with the Notice for appointment of add. Director which is refundable on ratification of appointment by AGM. Here Add.director has already been appointed without deposit. In my opinion before regularizing by AGM deposit should be given which can be refunded on regularization.
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