163. Option to adopt principle of proportional representation for appointment of directors
Notwithstanding anything contained in this Act, the articles of a company may
provide for the appointment of not less than two-thirds of the total number of the directors
of a company in accordance with the principle of proportional representation, whether by the
single transferable vote or by a system of cumulative voting or otherwise and such
appointments may be made once in every three years and casual vacancies of such directors
shall be filled as provided in sub-section (4) of section 161.