Dear all
Whether it is required for a private company which is a subsidiary of a public company to retire itsdirectors by rotation.
What is the course of action if it has not been done so far.
Regards
Preeti Gandhi
3 Replies
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 22 September 2008
A pvt company which is a subsidiary of a public becomes a public company automatically. Therefore the formalities have to be followed.
surbhi lohiya
(cs)
(34 Points)
Replied 30 September 2008
yes u ve to follow d norms of public company...n for voilation i think u have to go for compounding or condonation.
Lineesh James
(Company Secretary)
(30 Points)
Replied 30 September 2008
Compounding need to be resorted to only if and when a legal proceeding is initiated by the Department against the Company.There is no benefit to the Company in volunteering!.
Only the Department and practising professionals benefit.
This does not in any way affect their Capacity as Director in view of the Default provision in Sec.256
The only thing need to be done is to include the re-appointment of Directors ( both directors if only Two)as Agenda in future AGMs
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