Directors retirement by rotataion
This query is : Resolved
Guest
Guest
(Querist)
25 September 2012
Please explain the rule of retirement by rotation rules with example
25 September 2012
If its a public company then it should have 2/3rd of its director should be directors retire by rotaion. the person who is longest in the office shall retire by rotation
at every AGM at least 1/3rd of 2/3rd should retire.
Ex. if a co. have 18 directors then 12 directors should be rotational directors and out of 12 directors 4 directors (1/3rd of 12) should retire at every AGM.
The company can specify in its AOA that every director will retire by rotation, but it should not specify vice versa.
PVT. company can have all its director permenant
at every AGM at least 1/3rd of 2/3rd should retire.
Ex. if a co. have 18 directors then 12 directors should be rotational directors and out of 12 directors 4 directors (1/3rd of 12) should retire at every AGM.
The company can specify in its AOA that every director will retire by rotation, but it should not specify vice versa.
PVT. company can have all its director permenant
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Guest
Guest
(Querist)
25 September 2012
is it mean that, remaining six directors will be permanent?
25 September 2012
Yes the minimum limit for rotational director is 2/3rd of total director.
Maximum it can be total no. director provided AOA specifies it.
Maximum it can be total no. director provided AOA specifies it.
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