Status of Managing Director on attaining 70 years of Age

Dear All,

The recent judgement by the Bombay High Court clarifying that if a managing director was already appointed prior to the commencement of the Companies Act, 2013 (“Act”) i.e. April 1, 2014, when he was below the age of 70 years, on account of operation of the new statute, disqualification, whenever incurred after such amendment, would operate automatically, subject to proviso to Section 196(3)(a) of the Act i.e. special resolution being passed by the company.

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