Dear All,
Unlisted public company has three directors, how to determine retirement of directors by rotation at first AGM,
Do we need to retire all the directors at first AGM or one third of directors liable to retire by rotation?
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Directors retire by rotation
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1/3 of directors liable to retire by rotation......
Only 1/3rd, i.e. one in above case, will retire. Sec.132(6)(d) clearly provides that as between persons who became directors on same day, those who are to retire shall, in default of and subject to any agreement among themselves, be determined by lot.
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