The Companies Act, 1956
341. CONVICTION NOT TO OPERATE AS DISQUALIFICATION IF CONVICTED PARTNER, DIRECTOR, ETC., IS EXPELLED.
(1) In the cases referred to in clauses (b) and (c) of section 336, it shall be open to the managing agent, notwithstanding anything to the contrary in any other law or agreement, for the time being in force, to expel or dismiss the convicted partner, director or officer, within thirty days from the date of his sentence; and in that event, thedisqualifications imposed by the clauses aforesaid shall cease to apply.
(2) Sub-section (1) shall not affect the operation of section 346 in any case to which that section would otherwise apply.