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Applicability of section 160 of companies act 2013
Hello
In my public limited company, an Independent Director is being re-appointed at this AGM.
Whether this Independent Director can be called as a Retiring Director?
If Yes, will it attract the provisions of Section 160 of Companies act, 2013?
Please clarify and enlighten me on this matter
Replies (7)
Well As per explanation to sec 152(7) , A retiring director means a director retiring by rotation. This explanation is for Sec 152 and Sec 169. Since an Independent director don't retire by rotation, he cannot be called as a retiring director. Furthermore compliance to Sec 160 shall be required.
Please let me know that how many terms has he completed as an independent director.
Please let me know that how many terms has he completed as an independent director.
wronly typed 169 it is 169
160 it is rather than 169
He has completed 3 years of his tenure as an Independent Director. His term expires at this AGM.
Can he be called as a retiring director?
is it in the articles that his tenure shall not exceed 3 years
but as per section 149(10) his tenure shall not exceed 5 years. Why are u saying that his tenure ends at the coming AGM
Ok..got it..His appointment terms say that his tenure is 3 years. He cannot be called as a retiring director. Therefore he has to comply with the provisions of Section 160. If u want to reappoint him, a special resolution would be required and u have to declare such appointment in Board's Report
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