Section 202 of CA 2013 : Section 202: Compensation For Loss Of Office Of Managing Or Whole-Time Director Or Manager
CA 2013
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Explanation using Example
Imagine a company called "Tech Innovators Ltd." where Mr. Smith has been serving as the managing director. After a successful tenure, he decides to retire. The company wishes to compensate Mr. Smith for his contributions and agrees to pay him a sum as compensation for loss of office upon his retirement.
However, the company must ensure that this payment complies with Section 202 of The Companies Act, 2013. They confirm that Mr. Smith is not resigning due to a company reconstruction or amalgamation, ...
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