Dear All,
Unlisted public company has three directors, how to determine retirement of directors by rotation at first AGM,
Do we need to retire all the directors at first AGM or one third of directors liable to retire by rotation?
2 Replies
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 17 September 2014
1/3 of directors liable to retire by rotation......
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 17 September 2014
Only 1/3rd, i.e. one in above case, will retire. Sec.132(6)(d) clearly provides that as between persons who became directors on same day, those who are to retire shall, in default of and subject to any agreement among themselves, be determined by lot.
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