Any appointment or removal of a ¹[director, chairman of the Board of directors who is appointed on a whole-time basis or managing director] in pursuance of section 10A or section 10B ²[or section 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.]

1. Subs. by Act 20 of 1994, s. 5, for "director or chairman " (w.e.f. 31-1-1994). 2. Ins. by Act 1 of 1984, s. 20 (w.e.f. 15-2-1984).