wat does mean LIFE TIME DIRECTOR? in companies act
2 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 24 May 2010
In a private company provisions relating to rotational retirement of director u/s 255 and 256 are not applicable. So it is not compulsory for a private company director to retire rotationally.
Hence we may consider the directors appointed in a private company as a director appointed for life.
Wait for other opinions.
Thanks
CA Akshay Joshi
(CA)
(386 Points)
Replied 25 May 2010
Thanks for Reply
Mr Ramjethmalani argued in the case of RIL vs RNRL, that life time director 's (i.e. Mukesh Ambani) MOU for contract binding on company is it true? plz reply
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