Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers.

Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers. https://www.taxtmi.com/acts?id=12659 Section 318 permits payment of compensation for loss of office only to a managing director, a director holding the office of manager, or a director in whole time employment, subject to specified exceptions and a statutory cap equal to remuneration for the unexpired residue of term or three years (whichever is shorter) calculated by reference to the average remuneration over the preceding three years, and subject to a proviso barring payment where winding up occurs before or within twelve months after cessation and assets are insufficient to repay share capital. en-us Fri, 13 May 2011 18:38:53 +0530 Fri, 13 May 2011 18:38:53 +0530 TaxTMI RSS Generator Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers. https://www.taxtmi.com/acts?id=12659 Section 318 permits payment of compensation for loss of office only to a managing director, a director holding the office of manager, or a director in whole time employment, subject to specified exceptions and a statutory cap equal to remuneration for the unexpired residue of term or three years (whichever is shorter) calculated by reference to the average remuneration over the preceding three years, and subject to a proviso barring payment where winding up occurs before or within twelve months after cessation and assets are insufficient to repay share capital. Act-Rules Companies Law Fri, 13 May 2011 18:38:53 +0530 https://www.taxtmi.com/acts?id=12659