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of <h1>Regulations for Managing Directors in Companies: Key Age Limits, Term Restrictions, and Approval Requirements Under Section 196.</h1> Section 196 of the Companies Act, 2013, outlines regulations for appointing managing directors, whole-time directors, or managers in a company. A company cannot simultaneously appoint both a managing director and a manager. Appointments or re-appointments cannot exceed five years, and re-appointments cannot occur more than one year before the term ends. Individuals under 21 or over 70 require special resolution approval, with exceptions granted by the Central Government. Restrictions apply to insolvents, those who have suspended creditor payments, or those convicted of certain offenses. Appointments must be approved by the Board, general meeting, and possibly the Central Government.
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