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Time of India says about half a dozen billionaires are among the 234 business leaders who are seeking extension of the retirement1 age, which has been fixed2 at 70 years under the revamped Companies Act for those serving in a listed company in an executive role.
"70岁俱乐部"的亿万富翁们
One partner of KPMG explains the new Act requires a proper justification3 and a special resolution with 75% voting in favour to continue with executive powers beyond 70. An age limit was deemed fit since significant public capital is parked with the country's largely promoter-driven companies.
This applies to those with executive functions and not independent directors.
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1 retirement | |
n.退休,退职 | |
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2 fixed | |
adj.固定的,不变的,准备好的;(计算机)固定的 | |
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3 justification | |
n.正当的理由;辩解的理由 | |
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