Saturday, August 15, 2015

Director’s age bar to apply only at the time of appointment

The High Court of Bombay has held that Section 196(3) does not operate as an aberration in the appointment of any Director made prior to the coming into force of the 2013 Act, even in a case where the Managing Director crosses the age of 70 years during the term of his appointment. The law also does not interrupt the appointment of a Managing Director appointed after 1st April 2014 where at the date of such appointment or re- appointment the Managing Director was below the age of 70 years but crossed that age during his tenure.


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