Parliamentary Panel Recommends Lowering Minimum Age for Directors to 18
A parliamentary panel in India has proposed amendments to the Companies Act, suggesting that the minimum age for appointment as managing director and whole-time director be reduced from 21 to 18 years. This recommendation aligns with age requirements in countries like the US, Singapore, Germany, and Australia. The panel, chaired by Sudheer Gupta, also suggested increasing the maximum age limit from 70 to 75 years without needing a special resolution. The committee supports further decriminalization of the law and recommends creating special National Company Law Tribunal (NCLT) benches for specific cases to ensure adherence to statutory timelines and prevent value erosion in insolvency cases. Additionally, the panel proposed maintaining a Rs 10 crore net profit threshold for Corporate Social Responsibility (CSR) applicability and suggested a new chapter to facilitate the re-domiciliation of foreign companies to India. 
