Appointment of managing director, whole-time director or manager.

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....he same time a managing director and a manager.      (2) No company shall appoint or re-appoint any person as its managing director, whole-time director or manager for a term exceeding five years at a time:           Provided that no re-appointment shall be made earlier than one year before the expiry of his term.   &nb....

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....bsp; (c) has at any time suspended payment to his creditors or makes, or has at any time made, a composition with them; or           (d) has at any time been convicted by a court of an offence and sentenced for a period of more than one month.      (4) Subject to the provisions of section 197 and Schedule V, a managing director, who....