311. Increase in remuneration of Managing Director on re-appointment or appointment after Act to require Government sanction .-
In the case of a public company, or a private company which is a subsidiary of a public company, if the terms of any re-appointment or appointment of a managing or whole-time Director, made after the commencement of this Act, purport to increase or have the effect of increasing, whether directly or indirectly, the remuneration which the managing or whole-time Director or the previous managing or whole-time Director, as the case may be, was receiving immediately before such re-appointment or appointment, the re-appointment or appointment [shall not have any effect-(a)in cases where Schedule XIII is applicable, unless such increase is in accordance with the conditions specified in that Schedule; and(b)in any other case, unless it is approved by the Central Government,]and shall become void if, and in so far as, it is disapproved by that Government.Miscellaneous provisions
