Director liable to retire by rotation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2016
What is the procedure when a director liable to retire by rotation, offers himself for reappointment. Basically is he/any other member required to deposit rupees 1 lakh proposing his name or not under CA 2013?
07 June 2016
AS per section 160 the provision to deposit sum of one lakh rupees is applicable for a person who is not a retiring director in term of section 152 .
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2016
Does this mean, a director who is liable to retire by rotation can offer himself without depositing 1 lakh rupees?
07 June 2016
As per my understanding of section 160 read with applicable rules in case of retiring director sum deposit of Rs .1 lakh is not required
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