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Non Renewal of Appointment of MD

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Non Renewal of Appointment of MD

Post by maslekar on Wed Jul 06, 2011 1:57 pm

In a Public Limited Company, the Managing Director's appointment is due for renewal during the month of October, 2011. However, the Board during July, 2011 meting resolved not to recommend renewal. While next AGM is due in September, 2011, the appointment of MD shall lapse in October, 2011. Under the circumstances:-
1. Can the existing MD hold office till October, 2011 & tender his resignation due to
non- renewal of appointment.?
2. Since AGM is prior to October, 2011, the meeting will not consider any proposal on this.?
3. What will happen if MD's appointment is not renewed or no new director is appointed as MD during October, 2011?

Views solicited.


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