15 September 2009
As per section 255, not less than 2/3rd of total number of directors shall be the directors whose period of office is liable to determination by retirement by rotation (any fraction contained in that 2/3 shall be rounded off as one)
And as per section 256, at the first AGM and every subsequent AGM 1/3rd (or nearest to 1/3rd) of directors liable to retire by rotation shall retire from the office.
In view of the above provisions:
1) Number of Rotational Directors = 4 directors and
2) Number of Directors who shall retire at the first AGM and every subsequent AGM = 1 director.
16 September 2009
Number of Rotational Directors = 4 director
Number of Directors who shall retire at the first AGM and every subsequent AGM = 1 directors ( i.e 4*1/3)
According to Section 256, out of the 2/3rds rotational directors only 1/3rds must retire by rotation at one general meeting. If the number is not three or multiple of three, then the number nearest to 1/3 must retire from office.
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