Managing director appointment limits restrict simultaneous MD or manager roles across companies, allowing narrow exceptions and governmental waiver. Restriction prohibits a person from serving as managing director or manager of more than one company when either company is a public company or a private subsidiary of a public company; an appointment in one additional company is permitted if unanimously approved at a board meeting with specific prior notice. Transitional rules allow existing multiple officeholders to elect to continue in not more than two companies, subject to procedural provisions, and the Central Government may authorize more than two appointments where companies operate as a single functional unit.