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Amendment of section 197.

Clause 67 - Bills - THE COMPANIES (AMENDMENT) BILL, 2017 - COMPANIES (AMENDMENT) BILL, 2017 - Clause 67 - 67. In section 197 of the principal Act,- (a) in sub-section (1),- (i) in the first proviso, the words "with the approval of the Central Go .....

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ely:- "Provided also that, where the company has defaulted in payment of dues to any bank or public financial institution or non-convertible debenture holders or any other secured creditor, the prior approval of the bank or public financial inst .....

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is not able to comply with such provisions, with the previous approval of the Central Government" shall be omitted; (c) for sub-section (9), the following sub-section shall be substituted, namely:- "(9) If any director draws or receives, di .....

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llowed by the company, and until such sum is refunded, hold it in trust for the company."; (d) in sub-section (10),- (i) for the words "permitted by the Central Government", the words "approved by the company by special resolution .....

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tution or non-convertible debenture holders or any other secured creditor, the prior approval of the bank or public financial institution concerned or the non-convertible debenture holders or other secured creditor, as the case may be, shall be obtai .....

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