Rotational director

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2011 Please let me know in detail about Rotational director, retiring director & additional directos

and solve my querry of :
Q1 U/s 260 (additional directos) tells that additional directos is non rotational (means it is not retiring by rotation) while on the hand hand it tells additional directors will tenure his office uptill the next AGM please clearify me querry.

Q2 While SSD is not required to hold qualification share (u/s 270-274)but on the other hand small shareholder is shareholder who must have shares of Rs.20000(nominal value). my querry is that while he must have of Rs. 20000 shares he already holds qualification shares (ie. Rs. 5000 in case of public company)so why we are telling that he is not required to hold to qualification shares.

Q3 Please let me know whether bank are required to make company or banks may also be run by some persons in partnership.

Q4 Tell me whteher banking company are also required to file 23AC & 23ACA. & also the time limit to file to ROC & RBI

Q5 While listed companies shows their quarterly results are they also make consolidated accounts.

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
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13 December 2011 Q-1 - Rotational director means a director who will retire by rotation. Additional director will not retire by "rotation", rather his tenure will be upto next AGM only.

Q-2 - Where it is written that SSD is not required to hold qualification shares?? Further, definition of Small shareholder is a person holding share NOT MORE THAN 20000/- hence this 20000 is maximum limit and 5000/- limit given in sec 270 is MINIMUM limit

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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14 December 2011 Answer 1: The tenure of Additional Director itself expires on the date of AGM so it is to be regularise in the AGM or the director will cease to be a director. So it does not comes under the purview of rotational or non rotational direcror. After regularisation, it will be come under the amit of section 255 and 256.

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CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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14 December 2011 Answer 3 : Banks are also companies under the Companies Act. They are banking companies.

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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14 December 2011 Answer 4: All companies are required to file their balance sheet withing 30 days of the date of AGM.

it is to be filed in form 23AC and 23ACA.

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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14 December 2011 Answer 5 : Yes they also prepare their year to date and full financial year results.