The Industrial Finance Corporation Act, 1948

30D.No right to compensation for termination contract of managing agents.

1. Notwithstanding anything contained in any law for the time being in force, 3*[no Managing Director or any other Director or Manager or holder of any office having the powers of superintendence, direction and control of an industrial concern] shall be entitled to any compensation for the loss of office or for the premature termination under this Act of any contract of management entered into by him with such concern.
2. Nothing contained in sub-section (1) shall affect the right of any such 3*[Managing Director or any other Director or Manager or holder of office referred to in that sub-section] to recover from the industrial concern moneys recoverable otherwise than by way of such compensation.

1. Subs. by Act 50 of 1986, s. 16 (w.e.f. 2.2.1987).
2. Subs. by s. 17, ibid. (w.e.f. 2.2.1987).
3. Subs. by s. 18, ibid. (w.e.f 2.2.1987).