9. Term of office and other terms and conditions of service of Chairperson and other directors of Board.-

(1) The Chairperson, Managing Director, Deputy Managing Directors and other directors of the Board other than the directors nominated by the Central Government under clause (d) of sub-section (1) of section 6, shall hold office for such term, not exceeding five years, and shall be eligible for re-appointment subject to an overall term not exceeding ten years:

Provided that the Managing Director and Deputy Managing Directors shall not hold office as such after they have attained the age of sixty-five years and sixty-two years, respectively.

(2) Notwithstanding anything contained in sub-section (1), the Chairperson and directors nominated or appointed under sub-section (1) of section 6 shall hold office during the pleasure of the authority nominating or appointing them.

(3) The Chairperson and directors nominated by the Central Government or shareholders and independent directors shall receive such fees and reimbursements as may be prescribed:

Provided that any fees and reimbursements payable under this sub-section shall not be linked with the profits of the Institution.

(4) The salaries and allowances payable to the Managing Director and Deputy Managing Directors shall be specified by regulations on the recommendations of the Nomination and Remuneration Committee guided by market standards.

(5) The term of office and other terms and conditions of service of, the Chairperson, Managing Director, Deputy Managing Directors and other directors of the Board other than the directors nominated by the Central Government under clause (d) of sub-section (1) of section 6, shall be such as may be prescribed.

(6) Notwithstanding anything contained in this Act, no fees shall be payable to any director who is an officer of the Central Government.

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