I agree with you that it is not specifically written in the act where MD/WTD cannot retire by rotation.
However the point which i would like to bring to notice is that, if a MD who is appointed by agreement say for a fixed term for 5 years, and where his office is fixed for such term with the company in carrying out his duties, does it make any meaning of such office of MD liable to retire by rotation?.
Hence in this aspect, I said the office of MD shall not be taken into count when Directors Retire by rotation.
If Any Different views from Members / Experts on this solicited.
|Originally posted by : Vandana J Doshi
||Santosh ji.....no where in the act it is written that MD/WTD cannot retire by rotation.....it is an interpretation used in general practice.....keeping in the mind the same, if their are sufficient number of directors as given in the example above, MDs/WTDs can be excluded......