Jayanti Shipping Company (Acquisition of Shares) Act : Directors, etc., not entitled to compensation.

Jayanti Shipping Company (Acquisition of Shares) Act,1971

Act No : 63

Section : Directors, etc., not entitled to compensation.

8. Directors, etc., not entitled to compensation. Notwithstanding anything contained in any law for the time being in force, no director or managerial personnel specified in section 197A of the Companies Act, 1956 (1 of 1956), or other person entitled to manage the whole or a substantial part of the business and affairs of the company under a special agreement or otherwise shall be entitled to any compensation against the company or the Central Government for the loss of office or for the premature termination of any contract of management entered into by him with the company whether such loss or termination was due to the provisions of the Jayanti Shipping Company (Taking Over of Management) Act, 1966 (24 of 1966) or this Act.