Can My Company Legally Set a Retirement Age Below the Company Act's Standard?

I'm working in a government undertaking company registered under the Company Act in 1974. It's learned that the retirement age as per the Company Act is 60 years. However, the Board of Directors of my company has fixed 58 years as the retirement age for employees. Can it be legally challenged? Please let me know.

Retirement Age Under the Companies Act 1956

The Companies Act 1956 does not prescribe a retirement age for employees. It shall be either fixed by the standing orders, if the Industrial Employment (Standing Orders) Act, 1946 is applicable to your company, or by a settlement with the workmen, or by contract of service or service rules.

Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai