Allowing an appeal in Sridhar Sundararajan v Ultramarine & Pigments Limited & Rangaswamy Sampath, Bombay High Court recently held that a person who is above the age of 70 would be automatically disqualified from being the managing director of a company, unless the appointment was sanctioned by a special resolution and supported by three-fourths of the company’s shareholders.
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The dispute digest is compiled by Bhasin & Co, Advocates, a corporate law firm based in New Delhi. The authors can be contacted at lbhasin@bhasinco.in or lbhasin@gmail.com. Readers should not act on the basis of this information without seeking professional legal advice.
