24 March 2012
The Annual General Meeting is to be held on September 30, 2012 and the accounts are to be approved at the Board meeting to be held on April 30, 2012. The Managing Director’s tenure gets over on June 30, 2012. On April 30, 2012, the names of two Directors liable to retire by rotation (Managing Director is not liable to retire by rotation) are decided. It is also decided that Managing Director will not seek re-appointment upon the expiry of his tenure on June 30, 2012.
In that case, when the tenure of the Managing Director ends on May 31, 2012: (i) Does he become a Director liable to retire by rotation? (ii) Should he retire at the forth coming Annual General Meeting to be held on September 30, 2012? (But the names of the two Directors liable to retire by rotation have already been decided and included in the notice approved at the Board Meeting held on April 30, 2012). (iii) Otherwise from which period he should be counted for retirement and at which Annual General Meeting Managing Director should retire?
03 April 2012
First of all MD / WTD are not liable to retire by rotation.
Secondly, in your case on 30th April BM you are required to reappoint him for specified term say 3 or 5 years which will be confirmed by shareholders in the ensuing AGM...
CAclubindia
