https://www.taxtmi.com/acts?id=12518 Restriction bars appointment or employment of a firm or body corporate to any office or place of profit under a company for terms exceeding five years, while permitting an initial appointment for a longer period with Central Government approval. Firms or bodies corporate holding such offices at commencement are deemed to vacate at the expiry of five years. Reappointment or extension is allowed in successive periods not exceeding five years, but may not be sanctioned earlier than two years before commencement of the new term. An office or place of profit is defined by receipt of remuneration, and the section excludes private companies unless they are public company subsidiaries. en-us Wed, 11 May 2011 10:06:24 +0530 Wed, 11 May 2011 10:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12518 Restriction bars appointment or employment of a firm or body corporate to any office or place of profit under a company for terms exceeding five years, while permitting an initial appointment for a longer period with Central Government approval. Firms or bodies corporate holding such offices at commencement are deemed to vacate at the expiry of five years. Reappointment or extension is allowed in successive periods not exceeding five years, but may not be sanctioned earlier than two years before commencement of the new term. An office or place of profit is defined by receipt of remuneration, and the section excludes private companies unless they are public company subsidiaries. Act-Rules Companies Law Wed, 11 May 2011 10:06:24 +0530 https://www.taxtmi.com/acts?id=12518