TMI BlogInsertion of new sections 45-ID and 45-IE.X X X X Extracts X X X X X X X X Extracts X X X X ..... r and for reasons to be recorded in writing, remove from office, a director (by whatever name called) of such company, other than Government owned non-banking financial company with effect from such date as may be specified in the said order. (2) No order under sub-section (1) shall be made unless the director concerned has been given a reasonable opportunity of making a representation to the Bank against the proposed order: Provided that if, in the opinion of the Bank, any delay will be detrimental to the interest of the said company or its depositors, the Bank may, at the time of giving the aforesaid opportunity or at any time thereafter, by order direct that, pending the consideration of the representation, if any, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the removal of a director from office under this section, such director shall not be entitled to claim any compensation for the loss or termination from office. Supersession of Board of directors of non-banking financial company (other than Government Company). 45-IE. (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or of the non-banking financial company (other than Government Company), or for securing the proper management of such company or for financial stability, it is necessary so to do, the Bank may, for reasons to be recorded in writing, by order, supers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accountancy to assist the Administrator in discharge of his duties. (b) The committee shall meet at such times and places and observe such rules of procedure as may be specified by the Bank. (6) The salary and allowances payable to the Administrator and the members of the committee constituted by the Bank shall be such as may be specified by the Bank and be paid by the concerned non-banking financial company. (7) On or before the expiration of the period of supersession of the Board of Directors as specified in the order issued under sub-section (1), the Administrator of the non-banking financial company shall facilitate reconstitution of the Board of Directors of the non-banking financial company. (8) No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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