A Board comprises of 2 NRI Directors and 2 Indian Directors ( one of which a M D). 4 additional directors are appointed subsequently (of which 2 are Foreign directors) . Now all 4 directors, originally appointed (not additional directors) have to be retired. would appreciate if someone can suggest whether the following sequence is fine.
Mtg 1 : all 4 indian Directors will be present ( 2 original + 2 additional) - in this mtg 2 NRI directors originally appointed will resign so the Board will now be of 6 members.
Mtg 2 : all 4 Indian Directors will be present ( 2 original + 2 additional) - in this mtg 2 original directors will resign and the quoram will be formed by 2 additional directors, who will accept the resignation.
In all subsequent meetings, since the Board size is 4 (all additional directors) , 2 Indian directors can form the quorum.
Pl advise.
CAclubindia
