TMI BlogPower of Central Government to remove managerial personnel on the basis of Tribunal's decision.X X X X Extracts X X X X X X X X Extracts X X X X ..... Government shall] by order, remove from office any director, or any other person concerned in the conduct and management of the affairs, of a company, against whom there is a [4] [decision of the 1[Tribunal] under this Chapter]. [5] [* * *] [6] [(2) * * *] (3) The person against whom an order of removal from office is made under this section shall not hold the office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (5) On the removal of a person from the office of a director or, as the case may be, any other office connected with the conduct and management of the affairs of the company, the company may, with the previous approval of the Central Government, appoint another person to that office in accordance with the provisions of this Act.] -------------------------------------- Notes:- [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n) Act, 1967, w.e.f. 1-7-1967 and Companies (Amendment) Act, 1988, w.e.f. 31-5-1991, read as under: Provided that where a firm or a body corporate is concerned in the conduct and management of the affairs of a company as its managing agent or secretaries and treasures, and the decision of the Company Law Board is against any partner in such firm, or any director of, or any person holding a ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch firm or body corporate has been given a reasonable opportunity of showing cause against the same: Provided that no matter shall be raised by such firm or body corporate before the Central Government if such matter has been decided by the Company Law Board , ]. [7] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Earlie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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