Whether vacation of office of director on account of not attending board meetings under Section 167(1)(b) has prospective or retrospective effect?
The said section is applicable from 1st April 2014. It means that if a director absents himself from all board meetings held during a period of twelve months w.e.f. April 1, 2014 with or without obtaining leave of absence, his office as director shall become vacant. Hence, vacation of office has prospective effect.