14 March 2016
Section 196(3) of the Act makes a specific prohibitory provision with regard to the appointment of managing director, whole time director or manager. The section lays down that no company shall appoint or continue the employment of any person as its managing director, whole time director or manager who has attained the age of seventy years: Provided that appointment of a person who has attained the age of seventy years may be made by passing a special resolution
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