Section 160 — Right of persons other than retiring directors 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 writing under his hand signifying his candidature as a director or, as the case may be,
the intention of such member to propose him as a candidate for that office, along with the deposit of one
lakh rupees or such higher amount as may be prescribed which shall be refunded to such person or, as the
case may be, to the member, if the person proposed gets elected as a director or gets more than twenty-five
per cent. of total valid votes cast either on show of hands or on poll on such resolution.
2[Provided that r equirements of deposit of amount shall not apply in case of appointment of an
independent director or a director recommended by the Nomination and Remuneration Committee, if any,
constituted under sub-section (1) of section 178 or a director recommended by the Board of Directors of
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