CA., CS. swati agarwal (Sr Manager-Accounts) (108 Points)
14 January 2010Hello!
Please, tell me that whether the life time Chairman of a public limited company is liable to retire by rotation u/s 255 of the Companies Act, 1956?
Thanks.
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 14 January 2010
Dear Swati,
It depends on the terms of appointment and also Articles of Association of the Company may also provide that the Chairman will not retire.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 14 January 2010
No.
However provisions of resolutions appointing the person along with AOA shall prevail.
Regards
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 15 January 2010
What do you mean by Life time Chairman, if it is an Executive Director name as Chairman in the Articlies of the Company as Chairman.
He needs not to retire by rotation. Of course provisions of AOA will prevail.
CAclubindia
