https://www.taxtmi.com/caselaws?id=262173 The court held that Section 196(3)(a) of the Companies Act, 2013 does not apply retrospectively to terminate the appointment of a Managing Director who was appointed before the Act came into force. The term "continue" in Section 196(3)(a) should be interpreted to mean "appointment" and "reappointment," not an automatic cessation of the role upon reaching the age of 70. Consequently, a special resolution is required only for the appointment or reappointment of a Managing Director over the age of 70, not for the continuation of an existing tenure. The Plaintiff's request for interim relief was dismissed, and the Notice of Motion was denied. en-us Thu, 16 Jul 2015 00:00:00 +0530 Tue, 04 Aug 2015 08:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262173 The court held that Section 196(3)(a) of the Companies Act, 2013 does not apply retrospectively to terminate the appointment of a Managing Director who was appointed before the Act came into force. The term "continue" in Section 196(3)(a) should be interpreted to mean "appointment" and "reappointment," not an automatic cessation of the role upon reaching the age of 70. Consequently, a special resolution is required only for the appointment or reappointment of a Managing Director over the age of 70, not for the continuation of an existing tenure. The Plaintiff's request for interim relief was dismissed, and the Notice of Motion was denied. Case-Laws Companies Law Thu, 16 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262173