law: Companies Act, 2013 
  Chapter
  
  XIII
  Appointment
  
  and Remuneration of Managerial Personnel
  196.
  
    Appointment
  
  of managing director, whole-time director or manager.
  1.      No company shall
  
  appoint or employ at the 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.
  1.     
  2.     
  3.      No company shall
  
  appoint or continue the employment of any person as managing director,
  
  whole-time director or manager who Ś
  a.     
  
    is
  
  below the age of twenty-one years or has attained the age of seventy years:
  Provided
  
  that appointment of a person who has attained the age of seventy years may be
  
  made by passing a special resolution in which case the explanatory statement
  
  annexed to the notice for such motion shall indicate the justification for
  
  appointing such person;
  a.    
  
  
  b.    
  
    is
  
  an undischarged insolvent or has at any time been adjudged as an insolvent;
  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 six months.
  4.      Subject to the
  
  provisions of section 197 and Schedule V, a managing director, whole-time
  
  director or manager shall be appointed and the terms and conditions of such
  
  appointment and remuneration payable be approved by the Board of Directors at a
  
  meeting which shall be subject to approval by a resolution at the next general
  
  meeting of the company and by the Central Government in case such appointment
  
  is at variance to the conditions specified in that Schedule:
  Provided
  
  that a notice convening Board or general meeting for considering such appointment
  
  shall include the terms and conditions of such appointment, remuneration
  
  payable and such other matters including interest, of a director or directors
  
  in such appointments, if any:
  Provided
  
  further that a return in the prescribed form shall be filed within sixty days
  
  of such appointment with the Registrar.
  5.      Subject to the
  
  provisions of this Act, where an appointment of a managing director, whole-time
  
  director or manager is not approved by the company at a general meeting, any
  
  act done by him before such approval shall not be deemed to be invalid.