Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares.

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....on with-           (a) the transfer of the whole or any part of any undertaking or property of the company; or           (b) the transfer to any person of all or any of the shares in a company being a transfer resulting from -                (i) an of....

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....compensation for loss of office or as consideration for retirement from office, or in connection with such loss or retirement from such company or from the transferee of such undertaking or property, or from the transferees of shares or from any other person, not being such company, unless particulars as may be prescribed with respect to the payment proposed to be made by such transferee or person....

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....y receives payment of any amount in contravention of sub-section (1) or the proposed payment is made before it is approved in the meeting, the amount so received by the director shall be deemed to have been received by him in trust for the company.      (5) If a director of the company contravenes the provisions of this section, such director shall be punishable with fine wh....