The Industrial Finance Corporation Act, 1948

1 3. Removal of Director FROM office.

1. 6*[The Central Government may 7*[after consultation with the Development Bank] at any time remove the Chairman 8*[or the Managing Director] FROM office:]

9*[Provided that no person shall be removed FROM his office, under this sub-section, unless he has been given an opportunity of showing cause against his removal.]

2. The Board may remove FROM office any Director who--

1. is, or has become, subject to any of the disqualifications mentioned in section 12; or
2. is absent without leave of the Board FROM more than three consecutive meetings of the Board without excuse sufficient in the opinion of the Board to exonerate the absence.]

Back

Index

Next