Corporate Updates – 10-09-2014


RBI has issued circular on the lines of Section 196(3) of the Companies Act, 2013 and instructed all the Banks that the upper age limit for MD & CEO and other WTDs of banks in the private sector should be 70 years, i.e. beyond which nobody should continue in the post. Within the overall limit of 70 years, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD & CEO, as an internal policy. Section 196(3) also prescribe that ‘no company shall appoint or continue the employment of any person as Managing Director, Whole Time Director or Manager who is below the age of 21 years or has attained the age of 70 years.

Ministry of Environment

The Ministry of Environment, Forests & Climate Change administers a number of statues enacted by the Parliament. These statutes inter-alia include the Environment (Protection) Act, 1986, the Water (Prevention and Control of Pollution) Act, 1974 & the Air(Prevention and Control of Pollution) Act, 1981. It has been decided to constitute a High Level Committee under the Chairmanship of Shri T.S.R. Subramanian, Former Cabinet Secretary to review these Acts and suggest appropriate amendments to bring them in line with their objectives.

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