Section 255 and 256
Querist : Anonymous
In case all the Directors of the Company are liable to retire by rotation then how many of them would retire every year.
Assuming there are 6 Directors in the Company.
Regards,
AND
As per Section 256 1/3rd Shall actually retire from above numbers
if total 6 Directors then 4 Shall be liable and out of these 4, 1/3rd i.e. 1 will actually retire..!!!!
Querist : Anonymous
However in my case all the directors are liable to retire by rotation.
so should i consider 1/3 to retire at every AGM?
(a) be persons whose period of office is liable to determination by retirement of directors by rotation; and
(b) save as otherwise expressly provided in this Act, be appointed by the company in general meeting
Under Section 256: one-third of such of the directors for the time being as are liable to retire by rotation (Under Section 256), or if their number is not three or a multiple of three, then, the number nearest to one-third, shall retire from office.
Regards
(a) be persons whose period of office is liable to determination by retirement of directors by rotation; and
(b) save as otherwise expressly provided in this Act, be appointed by the company in general meeting
Under Section 256: one-third of such of the directors for the time being as are liable to retire by rotation (Under Section 256), or if their number is not three or a multiple of three, then, the number nearest to one-third, shall retire from office.
Regards
Querist : Anonymous
however agreement appointing directors specify that they are liable to retire by rotation.
my question is since all the directors are liable to retire to by rotation i should retire 1/3 of total no. or i have to calculate it in manner so given i.e 1/3 of 2/3 of total no.
Whether your article permit for retirement of all director, if yes then do so otherwise two third of the total number of director will be liable to retire by rotation as per section 255.
Querist : Anonymous
but agreement appointing directors specifies that they are liable to retire by rotation.
Composition is like:
1. MD
2. WTD
3. WTD
4. NED
5. ID
6. ID
pl suggest how it will work in this case?
In your case what is NED, but only NED and ID will be taken into account and one director will retire on coming AGM.
Regards
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