What is Disgorgement ? Who has the power to order disgorgement and under which circumstances ?

Answer 2A(iv) Section 212(14A) and Section 224(5) of the Companies Act, 2013 provides that, in case of a fraud, where any director, key managerial personnel, other officer of the company or any other person or entity, has taken undue advantage or benefit, whether in the form of any asset, property or cash or in any other manner,, the Central Government may file an application before the National Company Law Tribunal (NCLT) for appropriate orders with regard to disgorgement of such assets, property, or cash, as the case may be, and also for holding directors, key managerial personnel, officers or other person personally liable without any limitation of liability. Section 212 deals with Investigation into Affairs of Company by Serious Fraud Investigation Office and section 224 is related Actions to be Taken in Pursuance of Inspector's Report. Disgorgement is the act of giving up something such as the profits obtained by illegal or unethical acts on demand or by legal compulsion. Court can order wrongdoers to pay back to prevent unjust enrichment. Disgorgement is a civil remedy and not a punishment or punitive civil action. The purpose of such a remedy, as in securities cases, is to deprive the wrongdoer of his or her ill-gotten gains and to deter violations of the law. NCLT may make order of disgorgement in the circumstances mentioned under above mentioned provisions.