There is public limited company having 3 directors (namely A, B & C) since its incorporation date in 2002.WHO will retire by rotation in the financial year 2010-11.pls explain the concept in details.
You reappoint the director who was reappointed in the 2007-08. That director will be reappointed in this year if the director has not changed during three years.
12 April 2012
2/3rds of directors shall be liable to retire by rotation and 1/3rd of directors shall actually retire. Hence, whoever director is liable retire by rotation shall be retired.
12 April 2012
Dear Ajay, As explained by you, assuming out of A,B&C, B,C are directors liable to retire by rotation. Assume in last AGM Mr. C was retired and reappointed. This means Mr. B is the longest serving person. Hence, Mr. B shall retire now.
No, please read my answer, if all director are rotational and there is no change in Board, then any A,B or C who was retire in 2007-08 will retire in 2010-11 again.
12 April 2012
Hi.. The author has not specified how many are rotational out of three. I assumed that generally, Companies will put no of rotational directors only to the extent required i.e. only 2 out of 3. In such case, person who retired and reappointed in 2008-09 AGM will be retired in 2010-11.
CAclubindia
