02 May 2017
We have 2 non- executive director, 2 independent director and 1 manager in listed company. Please suggest who will be liable to retire by rotation?
03 May 2017
According to section 152(6), every public company at AGM shall follow the process of retire by rotation of director. at every AGM held after the date of appointment of director out of 2/3rd of the Director who are liable to be retire by rotation , 1/3rd no of director shall retire by rotation and the same procedure shall be followed at subsequent AGM. at AGM of the Company where the Director retires , the Company appoints retiring Director or some other person as the Director. It may be noted that the total Number of Directors shall not include independent Director. And the Director retire by rotation are those who are the longest in their office since their last appointment and the person who become the director on same day and shall be liable to retire shall subject to the agreement among themselves determined by lots.
CAclubindia
