04 November 2010
Is director appointed u/s 262 considered as non- rotational director? If so, pls give the reference of section, mca clarification etc.
Whether such director will retire at ensuing AGM as he is appointed by Board or he will hold office till the tenure of original director.
In my opinion a Director appointed in accordance with the provisions of section 262 of the Companies Act, 1956 to fill in the casual vacancy on the Board of Directors is liable to retire by rotation and will hold the office till the Original Director in whose place he has been appointed, would have held the office if his office had not been vacated.
So, if the original Director would have been liable to retire by rotation at the ensuing AGM, if his office had not been vacated, then the Person appointed to fill the casual vacancy in his place will retire by rotation at the AGM of the Company!
This is my interpretation of the provisions of the Companies Act, 1956 and the views of eminent experts are always welcome:-)
08 November 2010
No need to search any section or circular.
Agree with expert.
Focus on the interpretation mentioned by Expert:
If the original Director would have been liable to retire by rotation at the ensuing AGM, if his office had not been vacated, then the Person appointed to fill the casual vacancy in his place will retire by rotation at the AGM of the Company!
CAclubindia
