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) The company shall inform its members of the candidature of a person for the office
of director under sub-section (1) in such manner as may be prescribed.