A member nominates a person, other than a retiring director, for election as a director. Ignoring the exemptions and any higher prescribed sum, what deposit must accompany the notice of candidature…

Section 160(1) of the Companies Act, 2013 requires the notice of candidature to be lodged with a deposit of ₹1 lakh, or a higher amount that may be prescribed. The deposit is refunded if the candidate is elected or gets more than 25% of the votes cast. Its proviso dispenses with the deposit for independent directors and for candidates recommended by the nomination and remuneration committee or, where there is none, the board.