Section 66 - Amendment of section 196 - Companies (Amendment) Act, 2017

Amendment of section 196. 66. In section 196 of the principal Act,- (a) in sub-section (3), in clause (a), after the proviso, the following proviso shall be inserted, namely:- Provided further that where no such special resolution is passed but votes cast in favour of the motion exceed the votes, if any, cast against the motion and the Central Government is satisfied, on an application made by the Board, that such appointment is most beneficial to the company, the appointment of the person who has attained the age of seventy years may be made. ; (b) in sub-section (4), for the words specified in that Schedule , the words specified in Part I of that Schedule shall be substituted.