Restriction on reappointment bars former directors from acting without tribunal leave following termination or modification of agreements. Termination or modification of specified management agreements bars any claims against the company arising from those agreements and imposes a five year prohibition on appointment or acting as managing director, director or manager of the company unless the Tribunal grants leave after giving the Central Government notice and an opportunity to be heard; knowingly acting in contravention, or knowingly being party to such contravention, attracts criminal penalties including imprisonment or fine.
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.
Restriction on reappointment bars former directors from acting without tribunal leave following termination or modification of agreements.
Termination or modification of specified management agreements bars any claims against the company arising from those agreements and imposes a five year prohibition on appointment or acting as managing director, director or manager of the company unless the Tribunal grants leave after giving the Central Government notice and an opportunity to be heard; knowingly acting in contravention, or knowingly being party to such contravention, attracts criminal penalties including imprisonment or fine.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
