9911796707
TMI BlogAmendment of section 197.X X X X Extracts X X X X X X X X Extracts X X X X ..... ing,", the words "by a special resolution," shall be inserted; (iii) after the second proviso, the following proviso shall be inserted, namely:- "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 financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 within two years from the date the sum becomes refundable" shall be substituted; (ii) the following proviso shall be inserted, namely:- "Provided that where the company h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctors is in accordance with the provisions of this section, whether remuneration paid to any director is in excess of the limit laid down under this section and give such other details as may be prescribed. (17) On and from the commencement of the Companies (Amendment) Act, 2017, any application made to the Central Government under the provisions of this section [as it stood before such commence ..... X X X X Extracts X X X X X X X X Extracts X X X X
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