I don't know why your are linking your query to the Companies Act. Are you going to appoint him as a Managing Director or Whole Time Director and the like? If you want to continue the services of your employee beyond the age of superannuation prescribed in the applicable service rules, only the concerned employee and yourself are the decision makers.There is no legal bar to extend the services of the employee who has attained the age of retirement. How to go about can be a pertinent issue. His services can be extended for some more time either as a a regular or fixed term employee or as a consultant on retainer basis depending on the nature and status of his job-position. But, ensure that it does not give rise to nepotism/favoritism or poor succession planning in the organization.
There is no issue one can work even after age of 58 with sound health but membership under EPS shall be seized and ESI will be applicable if the employee draws less than Rs. 21,000. This change trend has already came decades back in PSU & Govt sector. It would be good enough to make a cange in SO or the policy manual of your establishment to have a legal sanctity.