As per the provisions of section 317 of the Companies Act, 1956 a Director can be appointed as a Managing Director for a term not exceeding 5 years at a time.
Yes, the resolution appointing the MD should specify the period for which he is appointed as such, and
provisions of section 317 are not applicable to an Independent Private Company, hence a Private Company which is not a subsidiary of a public company can appoint a Director as MD for a period exceeding 5 years at a time....
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