LawgistThe Companies Act
199Recovery of remuneration in certain case
Without prejudice to any liability incurred under the provisions of this Act or any other law for the time being in force, where a company is required to restate its financial statements due to fraud or non-compliance with any requirement under this Act and the rules made thereunder, the company shall recover from any past or present managing director or wholetime director or manager or Chief Executive Officer (by whatever name called) who, during the period for which the financial statements are required to be re-stated, received the remuneration (including stock option) in excess of what would have been payable to him as per restatement of financial statements.
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APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL
- 196 Appointment of managing director, whole-time director or manager
- 197 Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits
- 198 Calculation of profit
- 199 Recovery of remuneration in certain case
- 200 Central Government or company to fix limit with regard to remuneratio
- 201 Forms of, and procedure in relation to, certain applications
- 202 Compensation for loss of office of managing or whole-time director or manager
- 203 Appointment of key managerial personnel
- 204 Secretarial audit for bigger companie
- 205 Functions of company secretary
