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.
