Section 9(2) in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
(2)Any director appointed in pursuance of sub-section (1) shall—(a)hold office during the pleasure of the company and may be removed or substituted by any person by order in writing by the company;(b)not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;(c)not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.
