Does the Directors of State Government companies are liable to retire by Rotation or not?
After appointing them in Board meeting, does there regularisation is mandatory in AGM/EGM?
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Directors liable to retire by rotations
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In case of Government company - Section 152 [5] shall not apply , where appointment of such director is done by the Central Government or State Government, as the case may be. - Notification dated 5th june, 2015.
3.In case of Government Comapny - Sub-section [6] and [7] of Section 152 shall not apply to :-
[a] a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments;
[b] a subsidiary of a Government company, referred to in [a]above, in which the entire paid up share capital is held by that Government company. - Notification dated 5th june, 2015.
4. In case of Specified IFSC Public Company -Sub-sections [6] and [7] of section 152 shall not apply - Notification Dated 4th January 2017.
5. In case of Specified IFSC Public Company- In Sub-section [5] of section 152, For the words “thirty days” read as “sixty days”.- Notification Dated 4th January 2017.
3.In case of Government Comapny - Sub-section [6] and [7] of Section 152 shall not apply to :-
[a] a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments;
[b] a subsidiary of a Government company, referred to in [a]above, in which the entire paid up share capital is held by that Government company. - Notification dated 5th june, 2015.
4. In case of Specified IFSC Public Company -Sub-sections [6] and [7] of section 152 shall not apply - Notification Dated 4th January 2017.
5. In case of Specified IFSC Public Company- In Sub-section [5] of section 152, For the words “thirty days” read as “sixty days”.- Notification Dated 4th January 2017.
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