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of <h1>Section 255 of Companies Act: Two-Thirds of Directors in Public Companies Must Retire by Rotation for Accountability.</h1> Section 255 of the Companies Act, 1956, outlines the appointment and retirement of directors in public companies and private subsidiaries of public companies. It mandates that unless company articles specify otherwise, at least two-thirds of directors must be subject to retirement by rotation and appointed at a general meeting. The remaining directors, or all directors in private companies not subsidiary to public companies, are also appointed at a general meeting, subject to company articles. This provision ensures a regular turnover and accountability of the board of directors.
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