Question
Section 10D of the Banking Regulation Act, 1949 provides
that any appointment or removal of a director, chairman or managing director in pursuance of Section 10A, 10B or 10BB shall have effect notwithstanding anything in any law, contract, memorandum or articles of association. Which of the following consequences does Section 10D expressly impose on a person removed under those sections?Solution
Section 10D, inserted by the Banking Laws (Amendment) Act, 1983 (Act 1 of 1984), expressly provides that any appointment or removal in pursuance of Section 10A, 10B or 10BB shall have effect and any such person shall not be entitled to claim any compensation for the loss or termination of office, notwithstanding anything contained in any law or in any contract, memorandum or articles of association. This provision prevents removed directors or executives from seeking compensation by invoking contractual terms or the Companies Act. It reflects the public-interest nature of regulatory interventions in banking governance and parallels the no-compensation clause in Section 36AA(8) applicable to persons removed by the RBI under that section.
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