Indian Bare Acts

The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

Sec 197A    - Company not to appoint or employ certain different categories ofmanagerial personnel at thesame time.

Notwithstanding anything contained in this Act or anyother law or any agreement or instrument, no company shall, after the commencement of theCompanies (Amendment) Act, 1960, (65 of 1960), appoint or employ at the same time, orafter the expiry of six months from such commencement continue the appointment oremployment at the same time, of more than one of the following categories of managerialpersonnel, namely :

    (a) managing director,

    (b) [Redundant]

    (c) [Redundant]

    (d) manager.

Last updated on May, 2015

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