Friends,
A company is having 10 directors, consisting of 3 additional directors, 2 independent directors, 2 nominee directors, 3 non independent directors and one of them is MD and he is not liable to retire by rotation.
In this situation can we include MD in total no of directors for calculating 2/3 limit and how many directors will retire by rotation in one AGM? whether we have to include additional directors for calculation?
Additional directors cease to be directors on the date of AGM. Hence they will be included in the total number of directors only if appointed as regular director in AGM. MD will be included in total number of directors.
Subrahmanyam & Sivudu CA Firm
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Kolkata
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