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        Companies Law

        Section 319 - Payment to director, etc., for loss of office, etc., in connection with transfer of undertaking or property.

        Companies Act, 1956
        Chapter VI
        MANAGEMENT AND ADMINISTRATION

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        Director payments restriction: disclosure and shareholder approval required for compensation related to transfer of undertaking. Prohibits directors receiving payments for loss of office or retirement connected to transfer of undertakings or property unless particulars (including amount) are disclosed to members and the proposal is approved in general meeting; amounts received in contravention are held in trust for the company, without affecting the operation of the related statutory provision.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Director payments restriction: disclosure and shareholder approval required for compensation related to transfer of undertaking.

                              Prohibits directors receiving payments for loss of office or retirement connected to transfer of undertakings or property unless particulars (including amount) are disclosed to members and the proposal is approved in general meeting; amounts received in contravention are held in trust for the company, without affecting the operation of the related statutory provision.


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