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of <h1>Key appointment rules u/s 196: age limits, disqualifications and five-year cap for top managerial positions</h1> Section 196 restricts companies from appointing both a managing director and a manager simultaneously and limits any appointment or re-appointment of managing, whole-time directors or managers to a maximum term of five years, with re-appointment permitted only within one year before expiry. It disqualifies persons below 21 or above 70 (unless specially approved), undischarged insolvents, those who have compromised with creditors, and persons convicted and sentenced for more than six months. Appointments, terms, and remuneration must be approved by the Board, then by shareholders in the next general meeting, and by the Central Government if deviating from Schedule V, with filings made to the Registrar. Acts done before shareholder approval remain valid.
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