The Industrial Finance Corporation Act, 1948
1 3. Removal of Director FROM office.
- 6*[The Central Government may 7*[after consultation with the Development Bank] at any time remove the Chairman 8*[or the Managing Director] FROM office:]
9*[Provided that no person shall be removed FROM his office, under this sub-section, unless he has been given an opportunity of showing cause against his removal.]
- The Board may remove FROM office any Director who--
- is, or has become, subject to any of the disqualifications mentioned in section 12; or
- is absent without leave of the Board FROM more than three consecutive meetings of the Board without excuse sufficient in the opinion of the Board to exonerate the absence.]