12 July 2010
thanks to all the people who replied and special thanks to ankur sir for correct reply.
197A. Company not to appoint or employ certain different categories of managerial personnel at the same time
1[Prohibition of simultaneous appointment of different categories of managerial personnel.
Notwithstanding anything contained in this Act or any other law or any agreement or instrument, no company shall, after the commencement of the Companies (Amendment) Act, 1960 (65 to 1960), appoint or employ at the same time, or after the expiry of six months from such commencement, continue the appointment or employment at the same, of more than one of following categories of managerial personnel, namely:-
(a) managing director,
1[* * *],
(d) manager.]
1. Ins. by Act 65 of 1960, sec. 55 (w.e.f. 28-12-1960). 2. Clause (b) and (c) Omitted by Act 53 of 2000, sec. 84 (w.e.f. 13-12-2000).
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