TMI BlogPayment to director for loss of office, etc., in connection with transfer of undertaking, property or shares.X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 offer made to the general body of shareholders; (ii) an offer made by or on behalf of some other body corporate with a view to a c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scribed with respect to the payment proposed to be made by such transferee or person, including the amount thereof, have been disclosed to the members of the company and the proposal has been approved by the company in general meeting. (2) Nothing in sub-section (1) shall affect any payment made by a company to a managing director or whole-time director or manager of the company by way of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees. (6) Nothing in this section shall be taken to prejudice the operation of any law requiring disclosure to be made with respect to any payment received under this section or such other like payments made to a director. - - statute, statutory provisions legislation, law, enactment, Acts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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