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Amendment of section 197.

Rule 67 - Bills - Bill - Rule 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 Government," shall be omitted; (ii) in the second proviso, after the .....

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ent 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 institution concerned or the non-convertible debenture holders or other sec .....

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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, directly or indirectly, by way of remuneration any such sums in excess of .....

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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 within two years from the date the sum becomes refundable" shall .....

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or, 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 obtained by the company before obtaining approval of such waiver."; (e) .....

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