Consequences of termination or modification of certain agreements.

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....use (d) or (e) of section 402,^___      (a) the order shall not give rise to any claims whatever against the company by any person for damages or for compensation for loss of office or in any other respect, either in pursuance of the agreement or otherwise;      (b) no managing or other director, ^[2][* * *] or manager whose agreement is so terminated ....

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....extend to one year, or with fine which may extend to ^[10][fifty thousand rupees], or with both. (3) ^[11][No leave shall be granted] under clause (b) of sub-section (1) unless notice of the intention to apply for leave has been served on the Central Government and that Government has been given an opportunity of being heard in the matter.     --------------------------------....

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....d. Earlier the quoted words were substituted for "Court" by the Companies (Amendment) Act, 1988, w.e.f. 31-5-1991. [6] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, as provisions relating to "managing agents, secretaries and treasures" had become redundant after abolition of system by Act 17 of 1969. [7] Fees prescribed is Rs. 2500, w.e.f. 1-4-2000. On notification of th....