Under Section 160 of the Companies Act, 2013, a person

Solution

Section 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.   Note: The  ₹1,00,000  deposit acts as a safeguard to prevent frivolous candidatures. The amount is refunded only if:

1. The person is  elected  as a director, or
2. The person is  not elected  but receives  more than 25%  of the total valid votes cast (either by show of hands or by poll).

3. Independent Directors.
4. Directors recommended by the  Nomination and Remuneration Committee (NRC) .
5. Directors recommended by the  Board of Directors  (in companies where NRC is not required).