In a Public Limited Co., there are 10 directors. 3 whole time directors, 1 nominee director and 6 non-executive directors. For calculation of directors liable to retire by rotation, do we need to include the nominee director? 2/3 of the board will be 7 directors, if we include nominee director. Hence do we need to appoint one more director or does the 2/3 exclude nominee director?
Regards,
Nominee Director is not liable to retire by rotation.
Total rotational directors will be 6.
|
Total strength of directors for the purpose of section 255 |
9 |
|
2/3rd of total strength will be |
6 |
|
1/3rd of Directors due to retirement will be |
2 in the 1st year 2 in the 2nd year, and 2 in the 3rd year
|
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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