Section 6(4) in The Industrial Development Bank Of India Act, 1964
(4)A nominated director shall hold office during the pleasure of the authority nominating him.[(4-A) Subject to the provisions of sub-section (4),-(a)every director nominated under clause (d ) of sub-section (1) shall hold office for such term not exceeding three years as the Central Government may specify in this behalf and thereafter until his successor assumes office, and shall be eligible for re-nomination:Provided that no such director shall hold office continuously for a period exceeding six years; and(b)every director elected under clause (e) of sub-section (1) shall hold office for three years and thereafter until his successor assumes office, and shall be eligible for re-election:Provided that no such director shall hold office continuously for a period exceeding six years.] [ Substituted by Act 5 of 1995, Section 7, for sub-S. (4-A) (w.r.e.f. 12.10.1994).][(4-B) The shareholders, other than the Central Government, may, after giving to the director a reasonable opportunity of being heard in the manner as may be prescribed, by resolution passed by majority of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by such shareholders, remove any director elected under clause (e) of sub-section (1) and elect another director in his place to fill the vacancy so caused.] [ Inserted by Act 5 of 1995, Section 7, (w.r.e.f. 12.10.1994).]
