199. Recovery of remuneration in certain cases
Without prejudice to any liability incurred under the provisions of this Act or any
other law for the time being in force, 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 (by whatever name called) who,
during the period for which the financial statements are required to be re-stated, received the
remuneration (including stock option) in excess of what would have been payable to him as
per restatement of financial statements.