Section 199 — Recovery of remuneration in certain cases
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
re-state 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
whole-time 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
Related sections
- Section 196 — Appointment of managing director, whole-time director or manager
- Section 197 — Overall maximum managerial remuneration and managerial remuneration in case of
- Section 198 — Calculation of profits
- Section 200 — Central Government or company to fix limit with regard to remuneration
- Section 201 — Forms of, and procedure in relation to, certain applications
- Section 202 — Compensation for loss of office of managing or whole -time director or manager
- Section 203 — Appointment of key managerial personnel
- Section 204 — Secretarial audit for bigger companies
- Section 205 — Functions of company secretary