wat does mean LIFE TIME DIRECTOR? in companies act
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Life time director
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In a private company provisions relating to rotational retirement of director u/s 255 and 256 are not applicable. So it is not compulsory for a private company director to retire rotationally.
Hence we may consider the directors appointed in a private company as a director appointed for life.
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Mr Ramjethmalani argued in the case of RIL vs RNRL, that life time director 's (i.e. Mukesh Ambani) MOU for contract binding on company is it true? plz reply
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