CAclubindia

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I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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kasturi says : corporate law
Sir, pursuant to section 255 of rhe companies act, 1956 1/3 rd of the directors are not liable to retire by rotation.One of our client public company has 7 directors one among them is nominee director nominated by private equity firm.two of our Managing Directors are not liable to retire by rotation. 1/3rd of 7 directors comes around 2.1 so rounded to 2 directors. Investors wants their nominee to be non retiring director but we dont have space to fit in 1/3rd of total directors. My query is: Whether nominee director will be considered for calculating 1/3 rd as per 255 of the companies act? Whether nominee director be appointed as non retiring director even though there is no space to fit him in 1/3rd of director Investor not ready to increase the number of directors they want at any cost the total director be 7 directors in the company and their nominee be non retiring director. Kindly suggest me whether nominee director be appointed as non retiring director even though already there are two managing directors not liable to retire by rotation. Pls reply at the earliest. pls sugest any case law or any article to have deep insight

kasturi says :
Sir, pursuant to section 255 of rhe companies act, 1956 1/3 rd of the directors are not liable to retire by rotation.One of our client public company has 7 directors one among them is nominee director nominated by private equity firm.two of our Managing Directors are not liable to retire by rotation. 1/3rd of 7 directors comes around 2.1 so rounded to 2 directors. Investors wants their nominee to be non retiring director but we dont have space to fit in 1/3rd of total directors. My query is: Whether nominee director will be considered for calculating 1/3 rd as per 255 of the companies act? Whether nominee director be appointed as non retiring director even though there is no space to fit him in 1/3rd of director Investor not ready to increase the number of directors they want at any cost the total director be 7 directors in the company and their nominee be non retiring director. Kindly suggest me whether nominee director be appointed as non retiring director even though already there are two managing directors not liable to retire by rotation. Pls reply at the earliest.

Nilesh Prabhakar Mugle says : Soft copy in Excel of Bombay Publice Trust Act,195
Dear Sir, Please provide me soft copy of all schedules related with The Bombay Public Trusts Act, 1950. Sir it is need me for my Hanuman Mandir Trust Balance Sheet. Please provide me. Thanks & Regards Nilesh Mugle Nagpur E-mail: nileshmugle@rediffmail.com

VIKAS SRIVASTAVA says : INTERNAL REVIEW
SIR; SUB: INTERNAL REVIEW OF BUS. BY COMMODITY BROKER SIR AS PER NORMS OF MCX THE PERSON TRADING IN COMMODITY ( BROKER) HAS TO MAKE " INTERNAL REVIEW" OF HIS BUSINESS . PLEASE SOMEHOW GUIDE ME AS TO HOW DO THIS N PRESCRIBE ANY FORMAT FOR THE SAME.