Poonawalla fincorp
Poonawalla fincorp

Section 255 companies ACt 1956

This query is : Resolved 
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(Querist)
13 February 2009 A listed company Board comprises of:
1MD,1ED,3 Non-Ed(2 are independent).
Total board Strength is 5.
Md, ED- resolution appoints them for period of 1 year,
Artciles say " MD/WD shall not be liable to retirement by rotation."

Is Section 255 complied??
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Jagruti (CS)

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Jagruti (CS) (Expert)
24 February 2009 Yes, sec 255 is complied.But the remaining 3 directors have to retire by rotation in order to fulfill proviso of sec. 255.

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