15 December 2010
Our company is a public company (State Government Undertaking). There are total 11 directors on our board out of which 10 are Nominee Directors. To the best of my knowledge provisions of retire by rotation is not applicable on Nominee Directors.
My question is that, how many directors are liable to retire by rotation at each AGM.
16 December 2010
I think this is the only course available.
We have seperate provisions for audit of govt. companies viz., appointment of auditor by passing a Special Resolution, audit of accounts by an auditor appointed by Comptroller and Auditor General, etc. Same way do we have any provisions governing appintments, retirements by rotation, etc. of directors as majority of the directors are nominated by Govt. in such companies. I haven't come accross any such provisions.
CAclubindia
