Appointment of Director-pvt co

[Sunil jain]

As per section 160 of Companies Act, 2013, "a person who is not a retiring director in terms of sec 152 shall......be eligible for appointment.................if a notice in writing.... along with deposit of 1 lac"

The query is whether this clause of 1 lac would apply for appointment of director in AGM who was earlier appointed as additional director appointed u/s 161 in a pvt. co.

Thanks,

CA. R.K. Aggarwal

AI Summary

Eligibility to stand for directorship: deposit requirement under section 160 applies to additional directors seeking appointment at the AGM.
An additional director is not a retiring director, and therefore the procedural prerequisites of Section 160-including the requirement that a person other than a retiring director give notice in writing and satisfy the prescribed deposit condition-apply when the additional director seeks election at the AGM.