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Q. > Please Help: corporate law
is their any max.limit to hold the office of director.if yes,how many?what consequence,if a director appointed as a director beyond the max.limit?
answered Feb 07, 2012 by Akanksha Handa
There is no limit for holding the office of Director in case of Private Company but
As per the Section 225 of the Companies Act, 1956
1) 1[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, or of a private company which is a subsidiary of a public company, shall—
(a) be persons whose period of office is liable to determination by retirement of directors by rotation; and
(b) save as otherwise expressly provided in this Act, be appointed by the company in general meeting.
(2) The remaining directors in the case of any such company, and the directors generally in the case of a private company which is not a subsidiary of a public company, shall in default of and subject to any regulations in the articles of the company, also be appointed by the company in general meeting.
answered Jul 02, 2012 by Rambabu Senkarasetti , Guntur
There is no such limit
Experts Panelist
Comments
manju
07-Feb-2012 , 12:38:23 amthere is no as such limit in co law for tenure or max limit to hold directorsp ...i mean co law is silent for the tenure of directorship...ya its impt for a public co and for a pvt co which is subsi of pulic co. that director should be retired by rotation in evry AGM..pl refer sec 255 of co act
Akanksha Handa
07-Feb-2012 , 09:12:57 amThere is no limit for holding the office of Director in case of private Company but As per section 225 of the Companies act,1956 (1) 1[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, or of a private company which is a subsidiary of a public company, shall— (a) be persons whose period of office is liable to determination by retirement of directors by rotation; and (b) save as otherwise expressly provided in this Act, be appointed by the company in general meeting. (2) The remaining directors in the case of any such company, and the directors generally in the case of a private company which is not a subsidiary of a public company, shall in default of and subject to any regulations in the articles of the company, also be appointed by the company in general meeting.
Deepa Jain
07-Feb-2012 , 05:10:04 pmAs per Sec 275 of the Companies Act, 1956, no person shall hold office at the same time as director in more than fifteen companies. and if a director appointed as a director beyond the max. limit the consequences given under section 276 of the Act will be effected: Sec 276:- (1) Any person holding office as director in more than [fifteen] companies immediately before the commencement of this Act shall, within two months from such commencement,- (a) Choose not more than [fifteen] of those companies, as companies in which he wishes to continue to hold the office of director; (b) Resign his office as director in the other companies; and (c) Intimate the choice made by him under clause (a) to each of the companies in which he was holding the office of director before such commencement, to the Registrar having jurisdiction in respect of each such company, and also to the Central Government. (2) Any resignation made in pursuance of clause (b) of sub-section (1) shall become effective immediately on the despatch thereof to the company concerned. (3) No such person shall act as director- (a) in more than [fifteen] companies, after the expiry of two months from the commencement of [the Companies (Amendment) Act, 2000]; or (b) of any company after dispatching the resignation of his office as director thereof, in pursuance of clause (b) of sub-section (1).
Akanksha Handa
07-Feb-2012 , 05:33:59 pmYes, There is Restriction on number of Directorship. As per sec 275,of the Companies Act, 1956, No Director can hold the office at the same time as director in more than 15 Companies. If he holds the the directorship in more than 15 companies than section 276, of the Companies Act will be followed.