At the 29th AGM, the company had approved the re-appointment of Managing Director for a period of five years with effect from 20th October, 2006. The said term expired on 19th October, 2011.
At the 33rd AGM of the company, the shareholders approved his re-appointment for another term of five years with effect from 20th October, 2011.
Now, this will be 34th AGM of the company in 2012. While calculating the number of directors who shall retire by rotation, whether MDs re-appointment date forms part of "last date of appointment" ??? i.e. last dt of apptmt wld be 2011 and not his last date of retirement by rotation, ryt.
Secondly, if after such calculation, it is concluded that his term is the longest in the office, then whether the company shld consider him as director retiring by rotation to be re-appointed?
Note:
Company is public listed entity and its articles do not contain anything specific in this matter.
As per Companies Act, there’s no specific provision which states that MD cannot retire by rotation.
Last yr AGM 2011, his reapptmt, this yr AGM 2012 his retirement by rotation, does this happen practically?
CAclubindia
