Time of India says about half a dozen billionaires are among the 234 business leaders who are seeking extension of the retirement age, which has been fixed at 70 years under the revamped Companies Act for those serving in a listed company in an executive role.

One partner of KPMG explains the new Act requires a proper justification and a special resolution with 75% voting in favour to continue with executive powers beyond 70. An age limit was deemed fit since significant public capital is parked with the country's largely promoter-driven companies.

This applies to those with executive functions and not independent directors.