25 November 2010
Our company is a Public Company (State Govt. Undertaking. At present we have 11 directors on our Board out of which 10 are nominee directors appointed at various board meetings and 1 director was appointed as an Independent Director in the general meeting.
Now my question is how many directors are liable to retire by rotation at the AGM. As per my understanding sec 255 is not applicable on nominee directors.
so whether the Independent Director appointed at general meeting shall be liable to retire at every AGM if there is no change in the composition of the Board.
CAclubindia
