Explanation . -For the purposes of Section I, Section II and Section III, the term "or other director" shall… — THE COMPANIES ACT, 2013

[Explanation . -For the purposes of Section I, Section II and Section III, the term "or other director" shall mean a non -executive director or an independent director.]

1 [Explanation . -For the purposes of Section I, Section II and Section III, the term "or other director" shall mean a non -executive director or an independent director.] Section IV. — Perquisites not included in managerial remuneration: A managerial person shall be eligible for the following perquisites which shall not be included in the computation of the ceiling on remuneration specified in Section II and Section III:— (a) contribution to provident fund, superannuation fund or annuity fund to the extent these either singly or put together are not taxable under the Income-tax Act, 1961(43 of 1961); (b) gratuity payable at a rate not exceeding half a month's salary for each completed year of service; and (c) encashment of leave at the end of the tenure.

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