11. Due to non-compliance of certain requirements under the Companies Act, 2013 not amounting to fraud, a company was required to re-state its financial statements for the financial year 2016-17 during the current year. After the financial statements were re-stated it was found that the Managing Director (MD) of that period, who is now retired, was paid excess remuneration to the extent of rupees 5,00,000. State whether such excess amount is recoverable.

(a) Nothing can be recovered from the ex-MD

(b) Excess amount shall be recovered irrespective of whether at present he is MD or not

(c) Only 50% of excess amount is recoverable because no fraud is involved

(d) Only 25% of excess amount is recoverable because no fraud is involved


















(b) Excess amount shall be recovered irrespective of whether at present he is MD or not