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of <h1>Section 199: Company must claw back excess pay from key managers after fraud-based or non-compliant financial restatement</h1> When a company must re-state its financial statements because of fraud or non-compliance with the Companies Act, it is obliged to recover excess remuneration from specified managerial personnel. This includes any past or present managing director, whole-time director, manager, or chief executive officer who, during the relevant period, received remuneration or stock options above what would have been payable under the corrected financial statements. This recovery is in addition to, and does not limit, any other liability under the Companies Act or any other applicable law.
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