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of <h1>Directors Barred from Receiving Payments for Loss of Office Under Section 320 of Companies Act, 1956</h1> Section 320 of the Companies Act, 1956, prohibits directors from receiving payments for loss of office or retirement in connection with the transfer of company shares under certain conditions, such as offers made to shareholders or by other entities intending to make the company a subsidiary. Directors must ensure details of such payments are disclosed to shareholders. Failure to comply can result in fines. If payments are not approved by a shareholder meeting, any received funds are held in trust for those who sold their shares, with distribution costs borne by the director. If meetings lack quorum, payments are deemed approved.
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