Section 27(5) in The Monopolies And Restrictive Trade Practices Act, 1969
(5)Notwithstanding anything contained in any other law for the time being in force or in any contract or in any memorandum or articles of association, an officer of a company who ceases to hold office as such in consequence of the division of an undertaking or inter-connected undertakings shall not be entitled to claim any compensation for such cesser.[27-A. Power of the Central Government to direct severance of inter-connection between undertakings.-(1) ][Notwithstanding anything contained in this Act or in any other law for the time being in force, the Commission may,-(i)upon receiving a complaint of facts from any trade association or from any consumer or a registered consumers' association, whether such consumer is a member of that consumers' association or not, or(ii)upon a reference made to it by the Central Government or the State Government, or(iii)upon its own knowledge or information, if it is of opinion that the continuance of inter-connection of an undertaking (hereafter in this section referred to as the principal undertaking) with any other undertaking is detrimental to-(a)the interests of the principal undertaking; or(b)the future development of the principal undertaking; or(c)the steady growth of the industry to which the principal undertaking pertains; or(d)the public interest, inquire,] [as to whether it is expedient in the public interest to make an order for the severance of such inter-connection on one or more of the grounds aforesaid, and the Commission may, after such hearing as it thinks fit, report to the Central Government its opinion thereon and shall, where it is of opinion that the severance of the inter-connection of the principal undertaking with any other undertaking ought to be made, include in its report a scheme with respect to such severance, providing therein for the matters specified in sub-section (2). [Inserted by Act 30 of 1984, Section 22 (w.e.f. 1.8.1984). ]
