[Notification/Effective date: 12-09-2013 ]
[Section 162 shall not apply to the unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006 if the articles of the company provides for the same. -Notification G.S.R. 08(E) dated 04.01.2017]
Section 162- Appointment of directors to be voted individually. [Corresponds to Section 263 of the Companies Act, 1956]
(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 move 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 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- Notification F No 1/2/2014-CL.V dated 05.06.2015
- 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- Notification F No 1/2/2014-CL.V dated 05.06.2015
- a private company-Notification F No 1/ 1/2014- CL.V dated 05.06.2015