Section 162 — Fresh election of directors

(1) Notwithstanding anything
contained in this Act, a member having acquired, after the election of directors, the
requisite shareholding to get him elected as a director on the board of a company,
may require the company to hold fresh election of directors in accordance with the

procedure laid down in section 159:

Provided that the number of directors fixed in the preceding election shall
not be decreased;

Provided further that a listed company for the purpose of fresh election
of directors under this section shall follow such procedure as may be specified
by the Commission.

(2) The board shall upon receipt of requisition under sub-section (1), as
soon as practicable but not later than thirty days from the receipt of such
requisition, proceed to hold fresh election of directors of the company.