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of <h1>Managing Directors' Terms Capped at Five Years; Re-appointment Restrictions Apply, Except for Certain Private Companies</h1> A managing director in a company cannot be appointed for a term exceeding five years at a time. If already in office when the Act commenced, the term ends after five years unless it expires earlier. Re-appointment or extension is allowed for further periods up to five years, but cannot be sanctioned more than two years before taking effect. This restriction does not apply to private companies unless they are subsidiaries of public companies.
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