https://www.taxtmi.com/acts?id=17540 Where an order under section 242 terminates, sets aside or modifies management agreements, the affected persons are barred from claiming damages or compensation from the company; such persons are prohibited for a five-year period from being appointed to or acting in managerial offices without Tribunal leave, and persons found not fit and proper are similarly disqualified. Removal yields no compensation, and knowingly contravening the disqualification provisions attracts a fine up to five lakh rupees. en-us Sat, 02 Mar 2013 14:26:58 +0530 Thu, 11 Dec 2025 17:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17540 Where an order under section 242 terminates, sets aside or modifies management agreements, the affected persons are barred from claiming damages or compensation from the company; such persons are prohibited for a five-year period from being appointed to or acting in managerial offices without Tribunal leave, and persons found not fit and proper are similarly disqualified. Removal yields no compensation, and knowingly contravening the disqualification provisions attracts a fine up to five lakh rupees. Act-Rules Companies Law Sat, 02 Mar 2013 14:26:58 +0530 https://www.taxtmi.com/acts?id=17540