Government approval for managing director appointments required; noncompliance leads to invalidation, penalties, and referral to tribunal. Public companies and private subsidiaries meeting prescribed paid up capital must appoint a managing or whole time director or manager; such appointments require Government approval unless made in compliance with Schedule XIII and a prescribed return is filed within ninety days. Applications for approval must be submitted within ninety days. The Government may refuse approval if the appointee is not fit and proper, the appointment is not in the public interest, or the terms are not fair and reasonable, and may limit the approved term.