Company Liquidators and their appointments.

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.... from the panel maintained under sub-section (2) as the Company Liquidator.      (2) The provisional liquidator or the Company Liquidator, as the case may be, shall be appointed from a panel maintained by the Central Government consisting of the names of chartered accountants, advocates, company secretaries, cost accountants or firms or bodies corporate having such chartered....

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....or professional incompetence:           Provided that the Central Government before removing him or it from the panel shall give him or it a reasonable opportunity of being heard.      (5) The terms and conditions of appointment of a provisional liquidator or Company Liquidator and the fee payable to him or it shall be specified by ....