https://www.taxtmi.com/acts?id=17499 A company may pay a managing or whole-time director or manager compensation for loss of office or retirement, but not other directors. Payments are prohibited in specified cases such as certain resignations, vacation of office, winding up due to director default, fraud, gross negligence or where the director brought about termination. Payments are capped at the remuneration for the remainder of the term or three years (whichever is shorter), calculated by average remuneration over the preceding three years or shorter period, and are barred where winding up within twelve months leaves insufficient assets to repay shareholders' capital. Remuneration for other services is permitted. en-us Sat, 02 Mar 2013 13:21:19 +0530 Wed, 10 Dec 2025 17:57:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17499 A company may pay a managing or whole-time director or manager compensation for loss of office or retirement, but not other directors. Payments are prohibited in specified cases such as certain resignations, vacation of office, winding up due to director default, fraud, gross negligence or where the director brought about termination. Payments are capped at the remuneration for the remainder of the term or three years (whichever is shorter), calculated by average remuneration over the preceding three years or shorter period, and are barred where winding up within twelve months leaves insufficient assets to repay shareholders' capital. Remuneration for other services is permitted. Act-Rules Companies Law Sat, 02 Mar 2013 13:21:19 +0530 https://www.taxtmi.com/acts?id=17499