BHAVINI SHAH (Company Secretary) (193 Points)
05 May 2012
Articles of a private Company states about retirement by rotation of directors at every AGM.
Directors report contains the point none of the directors retire by rotation.
Is the company compliant with law?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 05 May 2012
BHAVINI SHAH
(Company Secretary)
(193 Points)
Replied 07 May 2012
Well yes the Company is compliant with law.
prakash
(Company Secretary)
(1352 Points)
Replied 07 May 2012
Dear Sir,
Please go through main objectives of brick makers and get it approved by promoters.
1.To carry on the business of manufacturers, processors, dealers, merchants, distributors, tradesman, importers, exporters, designers and developers of and in all kinds of earthware, roof bricks and all allied bricks, china fireclay, Accelerated bricks, caneware, drain and water pipes, hallow and solid products for partition and load bearing walls, ceiling blocks and , tiles, terracotta, sanitary ware, plain and art stoneware and glass colour and to carry on the business relating to the finding and working of minerals, the production and working of metals.
2. To search for, get, work, raise, make merchantable, sell and deal in brick earth, bricks, Accelerated bricks, limestone, manganese, magnesite clay, fire clay,and other fuel and generally to undertake and carry on any business, transaction or operation commonly undertaken and carry on any business transaction or operation commonly undertaken or carried on by explorers, prospectors or concessionaires and to search for win, work, get, calcine, reduce, amalgamate, dress, refine and prepare for the market any quartz and ore and mineral substances and to buy, sell, manufacture and deal in minerals and mineral products, plant and machinery and other things capable of being used in connection with mining or metallurgical operations or required by the workmen and others employed by the company.
Thank you,
Prakash
prakash
(Company Secretary)
(1352 Points)
Replied 07 May 2012
Sorry for sending irrelevant mail earlier.
Dear Bhavini,
Section 255 & 256 of the Companies Act, 1956 (Retirement by rotation of directors) applies only to the public companies and the private companies which are subsidiaries of the public companies. I assume that the private company you are are talking about is not a subsidiary of any public company. Although it is not mandatory for such companies to comply with above provisions of the Act, it's articles can provide so. Yet, it's non-compliance would not give rise to any penalty under the Act.
Regards,
Veeral Gandhi
CAclubindia
