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

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....rder, 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 of a director or any other office connected with ....

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....e 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:- [1] Inserted by the Companies (Amendment) Act, 1963, w.e.f 1-1-1964. [2] Substituted fo....

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....ovided 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 general power of attorney from, such body corporate, the Central Government may also remove from the office o....