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Section 10FV – The Companies Act,1956

The Companies Act, 1956

10FV. Removal and suspension of Chairperson and Members of Appellate Tribunal.

1[10FV. Removal and suspension of Chairperson and Members of Appellate Tribunal.

(1) The Central Government may, in consultation with the Chief Justice of India, remove from office the Chairperson or any Member of the Appellate Tribunal, 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 Chairperson or Member of the Appellate Tribunal; or

(d)has acquired such financial or other interest as is likely to affect prejudicially his functions as such Chairperson or Member of the Appellate Tribunal; or

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

(2) The Chairperson or a Member of the Appellate Tribunal shall not be removed from his office except by an order made by the Central Government on the ground of proved misbehaviour or incapacity after an inquiry made by a Judge of the Supreme Court in which such Chairperson or Member had been informed of the charges against him and given a reasonable opportunity of being heard in respect of those charges.

(3) The Central Government may suspend from office the Chairperson or a Member of the Appellate Tribunal in respect of whom a reference has been made to the Judge of the Supreme Court under sub-section (2) until the Central Government has passed orders on receipt of the report of the Judge of the Supreme Court on such reference.

(4) The Central Government may, by rules, regulate the procedure for the investigation of misbehaviour or incapacity of the Chairperson or a Member referred to in such-section (2).]

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1. Section 10FV ins. by Act 11 of 2003, sec. 6 (w.e.f. 1-4-2003).

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The Companies Act, 1956

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