Final students may note that point no. (iii) under the heading of “Points of comparison in respect to old law i.e. the Companies Act, 1956”, on Page No. 11, Chapter 3: Directors, Power, Managerial Remuneration, containing section 162 of the Companies Act, 2013 which provides for appointment of directors to be voted individually; is being modified as under:

“According to the provision of section 263 of the Companies Act, 1956, two or more directors of a company cannot be elected as directors by single resolution. Where resolution in contravention is passed, no provision for automatic re-appointment of the director retiring by rotation in default of another appointment shall apply. The proviso to section 263(2) of the Companies Act, 1956, has not been included under section 162 of the Companies Act, 2013. According to section 152(7)(b)(v) of the Companies Act, 2013, the provisions for automatic re-appointment shall not apply to cases where section 162 is applicable. Hence, section 162 of the Companies Act, 2013 needs to be harmoniously interpreted with the provisions of section 152(7)(b)(v) of the Companies Act, 2013.”

Thus, the students who have downloaded the supplementary study material on or before 15th April, 2014 may also refer the following link for the revised Supplementary Study Material:-

https://resource.cdn.icai.org/32793ssp-p4final.pdf