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of <h1>Section 407: No Damages for Terminated Agreements; Reappointment Restrictions for Directors Post-Termination</h1> Section 407 of the Companies Act, 1956 addresses the consequences of terminating or modifying certain agreements under sections 397 or 398. It stipulates that such orders do not entitle any party to claim damages or compensation from the company. Additionally, directors or managers whose agreements are terminated cannot be reappointed for five years without Tribunal approval. Violations of this clause can lead to imprisonment for up to one year or fines up to fifty thousand rupees. The Central Government must be notified and heard before any leave for reappointment is granted.
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