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| Exchange Disseminated Time 15/02/2016 14:17:20 | Ultramarine & Pigments Ltd has informed BSE that by a judgment dated February 08, 2016, a Division Bench of the Hon'ble High Court of Judicature at Bombay has held that Section 196(3)(a) of the Companies Act 2013 acts as a disqualification on the continuation of Mr. R. Sampath as Managing Director, having attained the age of 70 years. The Division Bench reversed the earlier judgment dated July 16, 2015 passed by the Single Judge of the Hon'ble High Court, which had held that there is no mid-tenure cessation of Managing Directorship as a result of Section 196(3)(a).
The Hon'ble Division Bench has stayed the operation of its own judgment dated February 08, 2016 for a period of six weeks to enable parties to challenge the same. This Company is informed by the Managing Director that he is taking legal advice in the matter. |
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