Hi,
Can anybody throw light on following:
- Companies (issue of certificate) rules 1960 defines board as board of directors of the company or a Committee thereof consisting of not less than three directors where the total number of directors exceeds six and not less than two directors where the total number does not exceed six
- It further it provides at least half of the number of members of the committe should be other than working directors.
Now a company has a share transfer committee of the board for deaing with matter related to transfer of shares, issue of duplicate shares etc. It has only two members and both are working directors. On its board company has total 9 directors.
Now whether the company needs to change the composition of said committee and increase the number of members from 2 to 3?
CAclubindia
