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of <h1>Clause 266 empowers action against management for fund misapplication in sick companies, including repayment and disqualification.</h1> Clause 266 of the Companies Bill, 2011 grants the Tribunal the authority to assess damages against individuals involved in the management of a sick company if they have misapplied company funds or breached trust. The Tribunal can order these individuals to repay or restore misused funds or property, potentially with interest, or contribute compensation to the company's assets. Additionally, if individuals are found to have diverted company resources or mismanaged the company detrimentally, the Tribunal can restrict financial institutions from assisting them for up to ten years and disqualify them from directorial positions for up to six years. Affected individuals must be given a chance to be heard before any order is made.
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