The Indian Institutes of Management Act, 2017

17. Initiation of inquiry.-

(1) The Board may initiate an inquiry as deemed proper against the Institute which has not been functioning in accordance with the provisions and the objectives of the Act:

Provided that such an inquiry shall be conducted by a retired High Court Judge.

(2) The Board may, based on the findings of such an inquiry, remove the Director or take any other action deemed fit, and the Insitute shall be bound to comply with such directions within reasonable time.