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TMI Blog2020 (12) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed not less than 14 days from the meeting by notice in writing along with deposit of ₹ 1 lakh or such higher amount as may be prescribed which is refunded if the person proposed gets elected as director or gets more than 25% of the total valid votes cast. When the law requires that there should be deposit of ₹ 1 lakh to contest for directorship of a company, we fail to understa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s already filed reply affidavit. 4. Petitioner has made an interim prayer that he be allowed to contest election for directorship of Respondent No.3 without insisting on deposit of ₹ 1 lakh. In this connection, learned counsel for the petitioner has referred to Notification dated 5th June, 2015 issued by Ministry of Corporate Affairs, Government of India. Pointing to sr. No.12 of the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to stand for directorship:- (1) A person who is not a retiring director in terms of section 152 shall, subject to the provisions of this Act, be eligible for appointment to the office of a director at any general meeting, if he, or some member intending to propose him as a director, has, not less than fourteen days before the meeting, left at the registered office of the company, a notice in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Company, in the case of a company not required to constitute Nomination and Remuneration Committee.] (2) The company shall inform its members of the candidature of a person for the office of director under sub-section (1) in such manner as may be prescribed. 8. From the above, we find that as per this provision, a person is eligible for election to the office of directorship at any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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