SECTION 191 PAYMENT TO DIRECTORS FOR LOSS OF OFFICE, ETC., IN CONNECTION WITH TRANSFER OF UNDERTAKING, PROPERTY OR SHARESThe Director shall not receive the above compensation in connection with-

A director shall not receive any compensation or consideration as given below

PRE-CONDITIONS FOR ABOVE1. Disclosure to members2. Approval in General MeetingOTHER POINTS This is permitted for a company to pay compensation to a managing director or whole time director or manager for loss of office or a consideration for retirement from office subject to limits or priorities. These payments under this section should be approved by a general meeting or adjourned meeting with proper quorum. Any amount received by a director before the approval or received in contravention of this section shall be deemed to have been received by the director in trust for the company. PENALTY FOR CONTRAVENTION Such director shall be punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees. Nothing in this section shall be taken to prejudice the operation of any law requiring disclosure to be made with respect to any payment received under this section or such other like payments made to a director.