Lawgist32DNo right to compensation for termination of contract of managing agent, managing director, etc
1[32D. No right to compensation for termination of contract of managing agent, managing director, etc.-- (1) Notwithstanding anything to the contrary contained in any contract or in any law for the time being in force, no managing agent, managing director or any other director or a manager or any person in charge of management of an industrial concern shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with such concern.
(2) Nothing contained in sub-section (1) shall affect the right of any such managing agent or managing director, or any other director or manager or any such person in charge of management to recover from the industrial concern, moneys recoverable otherwise than by way of such compensation.]
Download our fully-offline, High speed android app.- Click here
1. Ins. by Act 56 of 1956, s. 17 (w.e.f. 1-10-1956).
- 24 General duty of the Board
- 25 Business which Financial Corporation may transact
- 25A Power to acquire rights
- 25B Gifts, grants, etc
- 26 Limit of accommodation
- 27 Power to impose conditions for accommodation
- 28 Prohibited business
- 29 Rights of Financial Corporation in case of default
- 30 Power to call for repayment before agreed period
- 31 Special provisions for enforcement of claims by Financial Corporation
- 32 Procedure of district judge in respect of applications under section 31
- 32A Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
- 32B Effect of notified order under section 32A
- 32C Powers and duties of directors and administrators
- 32D No right to compensation for termination of contract of managing agent, managing director, etc
- 32E Application of Act 1 of 1956
- 32F Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
- 32G Recovery of amounts due to the Financial Corporation as an arrear of land revenue
