The Companies Act, 1956
325. MANAGING AGENCY COMPANY NOT TO HAVE MANAGING AGENT.
(1) No company acting as the managing agent of any other company shall, after the commencement of this Act, appoint a managing agent for itself, whether it transacts any other kind of business in addition or not.(2) No company having a managing agent shall, after the commencement of this Act be appointed as the managing agent of any other company.(3) Any appointment of managing agent made in contravention of sub-section (1) or (2) shall be void.
(4) Where at the commencement of this Act a company having a managing agent is itself acting as a managing agent of any other company, the term of office of the company first-mentioned as managing agent of the other company shall, if it does not expire earlier in accordance with the provisions applicable thereto immediately before such commencement [including any provisions contained in the Indian Companies Act, 1913 (7 of 1913)], expire on the 15th day of August, 1956.