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of <h1>Section 256 of Companies Act, 1956: Director Retirement and Replacement Process at Annual General Meetings Explained</h1> Section 256 of the Companies Act, 1956, outlines the process for the retirement and replacement of directors in public companies and private subsidiaries of public companies. At each annual general meeting, one-third of the directors liable to retire by rotation must do so, with the longest-serving directors retiring first. If directors were appointed on the same day, retirement is determined by lot unless otherwise agreed. The company may reappoint the retiring director or appoint a new one. If the vacancy is not filled, the meeting is adjourned, and the retiring director is deemed reappointed unless specific conditions prevent this.
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