Section 10FJ - Removal and suspension of President or Member. - Companies Act, 1956

Removal and suspension of President or Member. [1] [10FJ. (1) The Central Government may, in consultation with the Chief Justice of India, remove from office the President or any Member of the 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 President or Member of the Tribunal; or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as such President or Member of the Tribunal; or (e) has so abused his position as to render his continuance in office prejudicial to the public interest: Provided that no such President or a Member shall be removed on any of the grounds specified in clauses (b) to (e) without giving him reasonable opportunity of being heard in respect of those charges. (2) The President or a Member of the 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 President or a 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 President or Member of the 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 President or a Member referred to in sub-section (2).] -------------------------------- Notes:- [1] Inserted by the Companies (Second Amendment) Act, 2002, w.e.f. 1-4-2003.