Section 199. Recovery of remuneration in certain cases
Without prejudice to any liability incurred under this Act or any other law, where a company is required to re-state its financial statements due to fraud or non-compliance with any requirement under this Act and the rules made thereunder, the company shall recover from any past or present managing director or whole-time director or manager or Chief Executive Officer, who during the period for which the financial statements are required to be re-stated received remuneration, including stock option, in excess of what would have been payable to him as per restatement of the financial statements.
