The term of an additional directors is upto the date of the agm and if the agm is not held then, upto the date on which the agm should have been held.
If the company has not held the agm due to any reasons and has obtained permission from roc for extension of financial year utp 18 months and consequently the date of agm is also extended by six months. In such a scenario, what would be the date upto which the additional director's re-appointment should be made?
The Additional director will vacate the office on the date when the AGM ought to be held u/s 166.
Since as per Section 166 read with 210, the AGM should be held once in each calendar year and within 6 months of extended F.Y. and gap between this and previous AGM not to exceed 15 months.
If all these 3 conditions satisfied, then Additional Director will vacate on the date of AGM as decided by you.
Otherwise, he will vacate office on the date calculated after satisfying above 3 conditions.
Kindly refer to SEC 260 Part VI of the Corporate law
You may defer the regularisation of Additional Director till the last date of extension granted by ROC.
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
Shyam Joshi & Associates
Pune
B.Com
View Details
CAclubindia
