Nominee Director Removal During Liquidation Requires Ordinary Resolution as per Insolvency Code and Article 140(4) Compliance.

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....Aggrieved Persons - removal of nominee director of the Corporate Debtor - powers of Directors in a ‘Compulsory Liquidation’ - There is no simmering doubt that the Directors of a Company appointed by the shareholders in the ‘Annual General Meeting’ are to be removed as per ‘Ordinary Resolution’ passed in the ‘General Body Meeting’. - There is no different opinion on this well settled proposition - the proposal submitted by the Liquidator in terms of the power bestowed on him under the I&B Code, read with Rule, Article 140 (4) of the ‘Articles of Associations’ cannot be ignored - AT....