Section 199 of Companies Act, 2013

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.

Complete: companies-act-2013