12 April 2008
FIRST YOU SHOULD APPOINT A NEW DIRECTOR IN THE COMPANY AS AN ADDITIONAL DIRECTOR . FOR THIS PURPOSE THE DIRECTOR WHO IS ALIVE CAN ACT FOR THE PURPOSE OF APPOINTING A NEW DIRECTOR AS AN ADDITIONAL DIRECTOR. REGULATION 75 OF OF TABLE A PROVIDES THAT THE REMAINING DIRECTOR MAY ACT NOT WITHSTANDING ANY VACANCY CREATED IN THE BOARD. THERE IS ANOTHER WAY TO SOLVE THE PROBLEM. SEC 186 OF COS. ACT STATES THAT ON APPLICATION BY A DIRECTOR OF THE COMPANY OR ON ITS OWN THE COMPANY LAW TRIBUNAL CAN CALL FOR A MEETING OF MEMBERS WHERE EVEN ONE MEMBER PRESENT IN PERSON OR PROXY WILL CONSTITUTE THE MEETING. IN SUCH A MEETING ALSO THE APPOINTMENT OF A DIRECTOR MAY BE MADE BY SHAREHOLDERS OF THE COMPANY TO SOLVE THE PROBLEM.
CAclubindia
