Section 35 - Amendment of section 243. - Companies (Amendment) Act, 2019

Amendment of section 243. 35. In section 243 of the principal Act, (a) after sub-section (1), the following sub-sections shall be inserted, namely:- (1A) The person who is not a fit and proper person pursuant to sub-section (4A) of section 242 shall not hold the office of a director or any other office connected with the conduct and management of the affairs of any company for a period of five years from the date of the said decision: Provided that the Central Government may, with the leave of the Tribunal, permit such person to hold any such office before the expiry of the said period of five years. (1B) Notwithstanding anything contained in any other provision of this Act, or any other law for the time being in force, or any contract, memorandum or articles, on the removal of a person from the office of a director or any other office connected with the conduct and management of the affairs of the company, that person shall not be entitled to, or be paid, any compensation for the loss or termination of office. ; (b) in sub-section (2), after the word, brackets and figure sub-section (1) , the words, brackets, figure and letter or sub-section (1A) shall be inserted.