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 ..... of a company shall receive any payment by way of compensation in connection with any event mentioned in sub-section (1) 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) event due to which compensation become payabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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; (b) the company is in default in redemption of debentures or payment of interest thereon; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deemed preference shares on due date. Explanation : Pending notification of sub-section (1) of section 247 of the Act and finalisation of qualifications and experience of valuers, valuation of stocks, shares, debentures, securities etc. will be conducted by an independent merchant banker who is registered with the Securities and Exchange Board of India or an independent chartered accountant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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