Section 7 – COMPANY LAW BOARD RULES,1993

7. Removal of Members from office in certain circumstances

The Central Government in consultation with the Chief Justice of India may remove from office any Member, who-

 

(a) has been adjudged an insolvent; or

 

(b) has been convicted of an offence which, in the opinion of the Central Government, involves moral turpitude; or

 

(c) has become physically or mentally incapable of acting as such Members; or

 

(d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a Member; or

 

(e) has so abused his position as to render his continuance in office prejudicial to the public interest:

 

Provided that nothing contained in this rule shall apply to a Chairman who is Judge of a High Court:

 

Provided further that where a Member is proposed to be removed on any of the grounds specified in clauses (b) to (c), the Members shall be informed of the charges against him and given a reasonable opportunity of being heard in respect of those charges

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