Companies (Amendment) Act, 2000

128. Amendment of section 252.-

In section 252 of the principal Act, in sub-section (1), the following shall be inserted, namely:- 'Provided that a public company having,-

(a) a paid-up capital of five crore rupees or more;

(b) one thousand or more small shareholders, may have a director elected by such small shareholders in the manner as may be prescribed.

Explanation.-For the purposes of this sub-section, "small shareholders" means a shareholder holding shares of nominal value of twenty thousand rupees or less in a public company to which this section applies.'.