Managing director

Dear All,

A private limited company had appointed its MD 8 years ago and every year in june they revise his salary but his term is not fixed so no reappointment is done every year. Now the new Act 2013 says that an MD cannot be appointed for more than 5 years. So my query is that should the company wait till june to fix his tenure when his remuneration is revised or should the company immediately fix up his tenure.

Thanks