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of <h1>Section 243: No compensation and five-year disqualification after oppressive management orders under Companies Act, 2013</h1> Section 243 of the Companies Act, 2013 provides that when an order under section 242 terminates, sets aside, or modifies certain managerial agreements, no claim for damages, compensation, or loss of office arises against the company. A managing director, director, or manager whose agreement is so affected cannot hold such office in that company for five years without Tribunal leave, after notice to and hearing of the Central Government. Persons declared not fit and proper under section 242(4A) are similarly disqualified from managerial offices in any company for five years, subject to Tribunal-sanctioned relaxation. They are not entitled to any compensation for removal. Knowingly acting in contravention attracts a fine up to five lakh rupees.
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