In case of regularisation of additional director at AGM, provsions of sec 160 is to be complied. My query is when the director gets regularised at AGM can the company forfeit that deposit money of rs 1 lac?
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Regularisation of additional director at agm
Replies (3)
When additional director is going to appointed as ordinary director then 160 needs to be complied.
If he selected as ordinary director or he is getting more than 25% then company have to refund amount. Otherwise company can forfeit it.
That means if gets appointed as regular director, company has to refund the deposit.
That means if he gets appointed as regular director thn company has to refund the deposit.
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