SECTION 162. APPOINTMENT OF DIRECTORS TO BE VOTED INDIVIDUALLY
[Effective from 12th September, 2013]
Section 162 shall not apply to a private company, vide Notification No. 464(E) dated 5th June, 2015.
Section 162 shall not apply to a Specified public company, vide Notification No. 08(E) dated 04th January, 2017.
(1) At a general meeting of a company, a motion for the appointment of two or more persons as directors of the company by a single resolution shall not be moved unless a proposal to mo ve such a motion has first been agreed to at the meeting without any vote being cast against it.
(2) A resolution moved in contravention of sub-section (1) shall be void, whether or not any objection was taken when it was moved.
(3) A motion for approving a person for appointment, or for nominating a person for appointment as a director, shall be treated as a motion for his appointment.
Section 162 shall not apply to:
(a) a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments;
(b) a subsidiary of a Government company, referred to in (a) above, in which the entire paid up share capital is held by that Government company vide Notification No. GSR 463(E) dated 5th June, 2015.