Retirement of Director Following are the provisions of companies law for the retirement of Director.
(1) The first directors of the company retire on the day of first general meeting as their term expires on that day.
(2) An independent director retires after completion of a term of five years.
(3) In case of reappointment, the independent director can be appointed for two times i.e. maximum of ten years, than after he has to retire.
(4) At least 2/3 of the directors of a public company retire by rotation 1/3 of these are the senior directors.
(5) Person who is not qualified for appointment, is disqualified and retires.
(6) If retiring director informs the Board of Director, through written notice, his unwillingness for reappointment, he retires.
(7) The director retires, if his reappointment resolution is not passed in general meeting.