Re: World’s youngest C.E.O in India.
Yep , India inherited the same company laws from Brits as did Pakistan so for a registered company or for entering into a binding business contract you have to be of certain age.
In case of MD or WTD
For the appointment of a person as managing director or whole time director, he is required to fulfil the conditions specified in Schedule XIII of the Companies Act, or else take the approval of the Central Government. One of the conditions as per Part I of Schedule XIII is as under:
Managerial person has completed the age of 25 years and has not attained the age of 70 years.
Exception: A special resolution is required for the appointedment of a managerial person if he
(i) Has attained the age of 70 years; or
(ii) Has not completed the age of 25 years, but has attained the age of majority (i.e. 18 years).
Competent To Contract
Section 11 of The Indian Contract Act specifies that every person is competent to contract provided:
- He should not be a minor i.e. an individual who has not attained the age of majority i.e. 18 years.
- He should be of sound mind while making a contract. A person with unsound mind cannot make a contract.
- He is not a person who has been personally disqualified by law.