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

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....tor of a company shall receive any payment by way of compensation in connection with any event mentioned in sub-section (1) of section 191 unless the following particulars are disclosed to the members of the company and they pass a resolution at a general meeting approving the payment of such amount - (a) name of the director; (b) amount proposed to be paid; (c) eve....

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.... company by way of compensation for the loss of office or as consideration for retirement from office (other than notice pay and statutory payments in accordance with the terms of appointment of such director or manager, as applicable) or in connection with such loss or retirement if - (a) the company is in default in repayment of public deposits or payment of interest thereon; (....