First directors of a private limited company

Pvt ltd 2488 views 4 replies

Ishwar Dayal Sharma

Self employed

47 Points Joined September 2008

Hi everyone!

Had one qeury. There is one private limited company incorporated in year 2008. At the time of incorporation, 4 directors were appointed as 'First Directors' by naming in MOA & AOA of the Company.

Whether it was required to retire them in the first annual general meeting of the Company and re-appoint them? AOA and MOA of the company are silent on this issue. If they were required, what would be consequeneces as company did not retire and reappoint them?

Can anyone throw some light on this?

Replies (4)

Mohammed

CS Mcom LLB

857 Points Joined September 2009

There is no such requirement for retiring the directors in the first AGM of the company

Ankur Garg

Company Secretary and Compliance Officer

114788 Points Joined January 2009

You are actually talking about rotational retirement of directors under section 255 and 256. But these sections and rotational retirement is applicable only on a public company. Since your company is a private company so you are not required to follow this rotational retirement concept.

Regards

CS Vijay Daxini

At Practice

732 Points Joined March 2010

AGREED WITH ANKUR SIR...AS USUAL PERFECT ANSWER

CA CS Himanshu Khandelwal

SAP FICO Consultant

705 Points Joined April 2010

Originally posted by : Ankur Garg
	You are actually talking about rotational retirement of directors under section 255 and 256. But these sections and rotational retirement is applicable only on a public company. Since your company is a private company so you are not required to follow this rotational retirement concept. Regards