In a company there are 7 directors. In this one director is not liable to retire by rotation. if we compute 1/3 for retire by rotation we get 1.3 we have to take 2 directors or 1 director ? ( subject to sec 255 and 256)
thanks in advance
8 Replies
CMA Sameer Epari
(CA Final Student)
(409 Points)
Replied 23 May 2011
TWO DIRECTORS WILL RETIRE BY ROTATION. WE SHOULD TAKE THE HIGHER SIDE WHILE ROUNDING UP.
CA Rakesh Garg
(Asst. MGR Taxation)
(510 Points)
Replied 24 May 2011
as per sec 255 , 2/3 of directors liable by rotation. so comes in ur case 4.66 =5 directos. a co can increase it by provisions in article bt cant decrease it in any case.
and 1/3 of 5 shall to be retire by rotation dat comes 1.66= 2 directors who r longest in office.
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