Section 284 of companies act 1956
This query is : Resolved
Annie Jodhani
(Querist)
23 September 2013
Dear all,
I have a query relevant to section 284 .
Can a member (holding 1 euity share ) give special notice for the removal of 5 independent directors in a listed company ?
Can anyone please clarify te above query with relevant section.
Thanks in advance.
I have a query relevant to section 284 .
Can a member (holding 1 euity share ) give special notice for the removal of 5 independent directors in a listed company ?
Can anyone please clarify te above query with relevant section.
Thanks in advance.
Ajay Mishra
(Expert)
23 September 2013
Hi
The special notice can be given by even a single member irrespective of the number of shares he holds. The Karnataka High Court has observed in Karnataka Bank Ltd. v A.B. Datar (1994) 79 Comp Cas 12 (Kar) that section 284 is an independent provision and the procedure prescribed for removing a director cannot be subordinated to the provisions of section 188.
The special notice can be given by even a single member irrespective of the number of shares he holds. The Karnataka High Court has observed in Karnataka Bank Ltd. v A.B. Datar (1994) 79 Comp Cas 12 (Kar) that section 284 is an independent provision and the procedure prescribed for removing a director cannot be subordinated to the provisions of section 188.
Annie Jodhani
(Querist)
23 September 2013
So can the 5 independent directors be removed ?
Ajay Mishra
(Expert)
23 September 2013
On this that 5 directors can be removed, I am not sure.
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