(1) Where the managing agent of a company, or an associate of the managing agent, receives any sum from the company, whether directly or indirectly, by way of remuneration, rebate, commission, expenses or otherwise, -
(a) in the case of a public company or private company which is a subsidiary of a public company, in contravention of sections 348 to 354 and section 356 to 361; or
(b) in the case of a private company which is not a subsidiary of a public company, is contravention of sections 356 to 361;
the managing agent or associate shall refund such some to the company and until such sum is so refunded, hold it in trust for the company.
(2) The company shall not waive the recovery of any sum refundable to it under sub-section (1) unless permitted by the Central Government.
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