If at date of the First AGM of a Pvt. Co. which is subsidiary of a public co., there is only 1 director liable to retire by rotation and the other 2 directors are additional directors, then does that 1 director liable to retire by rotation, need to retire at the First AGM as required in Sec. 256 ?
06 September 2012
Out of total number of directors, two third are those who are liable to retire by rotation. You have not mentioned total number of directors here. if you have only 3 directors, it means at present your composition was wrong as out of 3, two must be retiring director but you have only one.
If possible, describe situation fully
Guest
Guest
(Expert)
06 September 2012
In this case 1 director is retiring director which is correct as per section 256 (1) which says atleast 1/3rd of the directors liable to retire from office shall retire in each meeting.
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