(1)Where an order [* * *] made under section 397 or 398 terminates, sets aside, or modifies an agreement such as is referred to in clause (d) or (e) of section 402,-(a)the 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 or other Director, [* * *] [ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000, Section 182 (w.e.f. 13.12.2000).] or manager whose agreement is so terminated or set aside [* * *] [ The words " managing agent or secretaries and treasurers" omitted by Act 53 of 2000, Section 182 (w.e.f. 13.12.2000).] shall, for a period of five years from the date of [the order terminating or setting aside the agreement] [ Substituted by Act 65 of 1960, Section 154, for " the order terminating the agreement" (w.e.f. 28.12.1960).], without the leave of the [Tribunal] [ Substituted by Act 11 of 2003, Section 44, for " Company Law Board" .], be appointed, or act, as the managing or other Director [* * *] [ The words " managing agent or secretaries and treasurers" omitted by Act 53 of 2000, Section 182 (w.e.f. 13.12.2000).] or manager of the company.
