Power of Central Government to remove managerial personnel on the basis of Tribunal's decision.

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....[3][Central 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....

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....l not be entitled to, or be paid, any compensation for the loss or termination of office.     (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 a....

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....of system by Act 17 of 1969. [Prior to its omission, the proviso, as amended by the Companies Tribunal (Abolition) 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 decisi....

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....fice of managing agents or secretaries and treasures shall be made in pursuance of the proviso to sub-section (1) unless such 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] Subs....