https://www.taxtmi.com/acts?id=36913 The Bill grants the Bank power to remove directors of NBFCs (excluding Government companies) for public interest, depositor/creditor protection, proper management or financial stability, subject to reasons in writing and an opportunity to represent; the Bank may suspend directors pending representation and bar removed directors from NBFC management for up to five years, appoint replacements who serve at the Bank's pleasure, and deny compensation for loss of office. The Bill likewise authorises the Bank to supersede NBFC boards for similar grounds, appoint an Administrator to exercise board powers, constitute assisting committees, require the Administrator to facilitate reconstitution, and prohibit compensation claims for terminated officeholders. en-us Fri, 05 Jul 2019 18:40:45 +0530 Fri, 05 Jul 2019 18:40:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=36913 The Bill grants the Bank power to remove directors of NBFCs (excluding Government companies) for public interest, depositor/creditor protection, proper management or financial stability, subject to reasons in writing and an opportunity to represent; the Bank may suspend directors pending representation and bar removed directors from NBFC management for up to five years, appoint replacements who serve at the Bank's pleasure, and deny compensation for loss of office. The Bill likewise authorises the Bank to supersede NBFC boards for similar grounds, appoint an Administrator to exercise board powers, constitute assisting committees, require the Administrator to facilitate reconstitution, and prohibit compensation claims for terminated officeholders. Act-Rules Bill Fri, 05 Jul 2019 18:40:45 +0530 https://www.taxtmi.com/acts?id=36913