Section 149(11) provides that an ID cannot hold office for more than 2 consecutive terms. Each term cannot exceed a period of 5 consecutive years. Whether the length of office held by an ID appointed by the Board either in capacity of an Additional Director or to fill up casual vacancy can be considered as a term?
Its a still debatable question. yet if we give harmonious interpretation to section 149(11), the term of ID refers to the term when he is appointed as ID in accordance with section 149 read with Schedule IV.
This means the appointment of person as additional director or to fill casual vacancy is out of the purview of section 149(11).
CAclubindia
