Section 16(1) in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002
(1)Notwithstanding anything to the contrary contained in any contract or in any other law for the time being in force, no managing director or any other director or a manager or any person in charge of management of the business of the borrower shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract or management entered into by him with the borrower.
