Section 196 of CA 2013 : Section 196: Appointment Of Managing Director, Whole-Time Director Or Manager
CA 2013
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Explanation using Example
Example Scenario:
XYZ Pvt. Ltd. is a company that is looking to appoint a new managing director (MD) as the previous MD is retiring. The board of directors has identified Mr. A, who is 72 years old, as the ideal candidate due to his vast experience in the industry.
As per Section 196(1) of the Companies Act, 2013, the company cannot appoint Mr. A as a managing director if they already have a manager employed. Assuming they do not have a manager, they proceed with the appointment.
A...
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