Number of companies of which one person may be appointed managing director.

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....y any person as managing director, if he is either the managing director or the manager of [2][any other company (including a private company which is not a subsidiary of a public company)], except as provided in sub-section (2). (2) [3][A public company or a private company which is a subsidiary of a public company] may appoint or employ a person as its managing director, if he is the managing d....

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....ndment) Act, 1960 (65 of 1960)], choose not more than two of those companies as companies in which he wishes to continue to hold the office of managing director or manager, as the case may be; and the provisions of clauses (b) and (c) of sub-section (1) and of sub-sections (2) and (3) of section 276 shall apply mutatis mutandis in relation to this case, as those provisions apply in relation to the....