24 September 2012
In case of 5 director under section 255 at least 2/3 i.e. 3.33 i.e. 4 directors shall be rotational and out of such 4 directors 1/3 i.e. 1 director shall retire at AGM.
Above 3.33 has been taken as 4 because the section provides for atleast which means not less than 3.33 so it has to be more than 3 directors which is 4.
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