Section 3
. The proviso ins. by s. 46, ibid., (w.e.f. 7-5-2018).
3 . The proviso ins. by s. 46, ibid., (w.e.f. 7-5-2018).
Explanation . — For the purposes of this section, " nominee director " means a director nominated by any financial institution in pursuance of the provisions of any law for the time being in force, or of any agreement, or appointed by any Government, or any other person to represent its interests.
(8) The company and independent directors shall abide by the provisions specified in Schedule IV.
(9) Notwithstanding anything contained in any other provision of this Act, but subject to the provisions of sections 197 and 198, an independent director shall not be entitled to any stock option and may receive remuneration by way of fee provided under sub-section (5) of section 197, reimbursement of expenses for participation in the Board and other meetings and profit related commission as may be approved by the members.
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