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.
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.
CAclubindia
