https://www.taxtmi.com/caselaws?id=271878 The court held that the amendment to Section 196(3)(a) of the Companies Act does not apply retrospectively but prospectively, affecting Managing Directors who turn 70 after the amendment. The disqualification operates automatically upon a Managing Director reaching 70 unless a special resolution is passed. The court emphasized the legislative intent to protect shareholders' interests and corporate governance. The appeal was allowed, restraining the respondent from continuing as Chairman and Managing Director. The decision clarified the application of the disqualification criteria and affirmed the importance of such provisions in maintaining public confidence in corporate management. en-us Mon, 08 Feb 2016 00:00:00 +0530 Sat, 20 Feb 2016 09:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271878 The court held that the amendment to Section 196(3)(a) of the Companies Act does not apply retrospectively but prospectively, affecting Managing Directors who turn 70 after the amendment. The disqualification operates automatically upon a Managing Director reaching 70 unless a special resolution is passed. The court emphasized the legislative intent to protect shareholders' interests and corporate governance. The appeal was allowed, restraining the respondent from continuing as Chairman and Managing Director. The decision clarified the application of the disqualification criteria and affirmed the importance of such provisions in maintaining public confidence in corporate management. Case-Laws Companies Law Mon, 08 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271878