Number of directorships.165. (1) No person, after the commencement of this Act, shall hold office as a director, including any alternate directorship, in more than twenty companies at the same time :Provided that the maximum number of public companies in which a person can be appointed as a director shall not exceed ten.[Explanation I].-For reckoning the limit of public companies in which a person can be appointed as director, directorship in private companies that are either holding or subsidiary company of a public company shall be included.[Explanation II.-For reckoning the limit of directorships of twenty companies, the directorship in a dormant company shall not be included.](2) Subject to the provisions of sub-section (1), the members of a company may, by special resolution, specify any lesser number of companies in which a director of the company may act as directors.(3) Any person holding office as director in companies more than the limits as specified in sub-section (1), immediately before the commencement of this Act shall, within a period of one year from such commencement,-
(a)
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choose not more than the specified limit of those companies, as companies in which he wishes to continue to hold the office of director;
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