ritesh (CA) (106 Points)
14 October 2009hello everyone, i wanted to know what is retirement by rotation in case of Director and whether is it applicable to a director in a private limited having the minimum number of directors that is 2?
thanks....
VARUN
(PCC STUDENT)
(523 Points)
Replied 14 October 2009
Retire by rotation applies when there are 3 directors ... and every director retires there on subsequently ....
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 14 October 2009
Dear Ritesh,
Section 255 regarding retirement of director by rotation is not applicable to a Private Company. Directors of a private company can continue their office without any break.
However if such private company is subsidiary of a public company then section-255 is applicable to such private company.
Regards
CAclubindia
