law: Companies Act, 2013 
  243.
  
    Consequence
  
  of termination or modification of certain agreements.
  1.      Where an order made
  
  under section 242 terminates, sets aside or modifies an agreement such as is
  
  referred to in sub-section (2 ) of that section,—
  a.     
  
    such
  
  order shall not give rise to any claims whatever against the company by any
  
  person for damages or for compensation for loss of office or in any other
  
  respect either in pursuance of the agreement or otherwise;
  b.    
  
    no
  
  managing director or other director or manager whose agreement is so terminated
  
  or set aside shall, for a period of five years from the date of the order 
  
  terminating or setting aside the agreement, without the leave of the Tribunal,
  
  be appointed, or act, as the managing director or other director or manager of
  
  the company:
  Provided
  
  that the Tribunal shall not grant leave under this clause unless notice of the
  
  intention to apply for leave has been served on the Central Government and that
  
  Government has been given a reasonable opportunity of being heard in the
  
  matter.
  2.      Any person who
  
  knowingly acts as a managing director or other director or manager of a company
  
  in contravention of clause (b ) of sub-section (1 ), and every
  
  other director of the company who is knowingly a party to such contravention,
  
  shall be punishable with imprisonment for a term which may extend to six months
  
  or with fine which may extend to five lakh rupees, or with both.