Dear All,
We have a listed company and there are 2 independent directors and are appointed in 2012 with the original resolution in which it has been written as "he shall be liable to retire by rotation", .
However the Section 149 of the Companies Act 2013 specifies that Independent Directors shall not be liable to retire by Rotation, the Compliance Dept of the Company had failed to alter the resolution by adding "shall not be liable to retire by rotation" in the Annual General Meeting,
What procedure the Company has to follow to make good the Non Compliance ??
Kindly Guide.
CAclubindia
