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Refund of managerial remuneration?

This query is : Resolved 
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(Querist)
26 August 2011 Hi all,
If appointment of MD/WTD is disapproved or not approved by the share holders in the General Meeting or by the Central Govt.as the case may be,in such case is MD/WTD is liable to refund the managerial remuneration the company if he so received previously?
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RG - A Helping Hand

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RG - A Helping Hand (Expert)
27 August 2011 Yes he has to refund the managerial remuneration received from the company without permission.



Kindly refer section 309(5A) and (5B).
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