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I proposed myself to be appointed as a director of a company in Mumbai and for the same purpose I even deposited Rs. 1 lakh with them. However, when the vote was held I only received 33% of the votes and was not appointed as the director. Now, my issue is that I am asking the company to refund the money and they are refusing to do so as I was not elected. Can they do so?

No, in your case, you are eligible to claim the refund from the company. As per Section 160 of the Companies Act, the company has to refund the amount deposited along with the candidature, if the person proposed gets elected as a director or gets more than 25% of total valid votes cast either on show of hands or on poll on such resolution. So, even th...


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