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Without prejudice to any liability incurred under the provisions of this Act or any other law for the time being in force, where a companycompany is required to re-state its financial statement due to fraud or non-compliance with any requirement under this Act and the rules made thereunder, the company shall recover from any past or present managing director or whole-time directorwhole-time director or managermanager or Chief Executive OfficerChief Executive Officer (by whatever name called) who, during the period for which the financial statements are required to be re-stated, received the remunerationremuneration (including stock option) in excess of what would have been payable to him as per restatement of financial statements.
Explanation. – For the purposes of this Act, the term ‘start-up’ or “start-up company” means a private company incorporated under the Companies Act, 2013 (18 of 2013) or the Companies Act, 1956 (1 of 1956) and recognised as start-up in accordance with the notification issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.