The Companies Act, 1956
337. REMOVAL FOR FRAUD OR BREACH OR TRUST.
A company in general meeting may, by ordinary resolution, remove its managing agent from office -(i) for fraud or breach of trust in relation to the affairs of the company or of any subsidiary or holding company thereof, whether committed before or after the commencement of this Act;(ii) for fraud or breach of trust, whether committed before or after such commencement, in relation to the affairs of any other body corporate, if a Court of law, whether in or outside India, finds suchfraud or breach of trust to have been duly established; or
(iii) subject to the provisions of section 340 and 341, where the managing agent is a firm or body corporate, if any partner in the firm, or any director of, or any officer holding a general power of attorney from, the body corporate is guilty of any such fraud or breach of trust as is referred to in clause (i).