Please confirm its right ?
1. Could you please suggest if MD is not liable to retire by rotation? - Yes, as per S. 152(6) of the Companies Act, 2013, unless the articles provide for the retirement of all Directors at every annual general meeting, not less than two-thirds of the total number of Directors of a public company shall be liable to retire by rotation.
2. Also, for calculating 2/3rd of the total directors, 1.33 will be rounded off to 2 or 1? - I would like to recite the above provisions again stretching more on "not less than two-thirds of the total number of directors" - I would suggest you to round it off to 2 complying with the requirements of not less than 2/3rd.
Under Companies Act Provision, A non?retiring director shall be eligible for appointment as director, provided a member nominates him at least 14 days before the meeting and deposits Rs. 1 Lacs (refundable on
successful appointment)
Is Retire by Rotation provision also applicable on Private Company as well ?
Dear CC Members,
Do managing director(s) and whole-time director(s) are liable to retire by rotation under the companies Act, 2013?
Kindly share your perspective.
Dear CC Members,
Why is the rotation of directors done?
Please share your reasons.
Dear CC Members,
How will MD and WTD having a tenure of 5 years retire by rotation under sec 152(6)?
Please guide.
Dear All,
One of the public limited company converted into private limited in june 2020 and now the company has to finalise its annual account on dated 31st march 2020, Now in AGM is any requirement of rotation of Directors or not.
If a Company falls under the provisions of Section 139 (2) and the tenure of its Statutory Auditors ("Audit Firm") is to be completed on 31.03.2020. Now, the said Audit Firm is in process to convert itself into LLP with new Partners. Can the newly consituted LLP be appointed as Statutory Auditor of the Company for the next 5 years.
Dear All,
Can a statutory auditor who has retired due to rotation, continue to be the tax auditor of that entity?
Its urgent
Dear Sir,
Can MD and ED whose term is fixed for 5 years can by amending the articles that all directors liable to retire by rotation falls under retirement by rotation category. whose term has 1.5 years to expire.
What are the consequences if we amend the articles in February prior to one year of expiry of term of ED and MD by adding this provision that all directors retire by rotation. Does it also applied to MD and ED whose original term of 5 years will expire in March 2021.
Kindly reply.
Dear Members,
In section 139, sub-section (2), rotation of auditor, whether the borrowings from bank, etc of 50 crores or more can be fund based or non-fund based ?
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Whether an Indian private company, which is subsidiary of a foreign public company, also needs to apply the criteria for auditor rotation as applicable to a public company?
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