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TMI BlogInsertion of new sections 45-ID and 45-IE.X X X X Extracts X X X X X X X X Extracts X X X X ..... , a director (by whatever name called) of such company, other than Government owned nonbanking financial company with effect from such date as may be specified in the said order. (2) No order under sub-section (1) shall be made unless the director concerned has been given a reasonable opportunity of making a representation to the Bank against the proposed order: Provided that if, in the opinion of the Bank, any delay will be detrimental to the interest of the said company or its depositors, the Bank may, at the time of giving the aforesaid opportunity or at any time thereafter, by order direct that, pending the consideration of the representation, if any, the director, shall not, with effect from the date of such order (a) act as such direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice. Supersession of Board of directors of non-banking financial company (other than Government Company). 45-IE. (1) Where the Bank is satisfied that in the public interest or to prevent the affairs of a non-banking financial company being conducted in a manner detrimental to the interest of the depositors or creditors, or of the non-banking financial company (other than Government Company), or for securing the proper management of such company or for financial stability, it is necessary so to do, the Bank may, for reasons to be recorded in writing, by order, supersede the Board of Directors of such company for a period not exceeding five years as may be specified in the order, which may be extended from time to time, so, however, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Administrator and the members of the committee constituted by the Bank shall be such as may be specified by the Bank and be paid by the concerned non-banking financial company. (7) On or before the expiration of the period of supersession of the Board of Directors as specified in the order issued under sub-section (1), the Administrator of the non-banking financial company shall facilitate reconstitution of the Board of Directors of the non-banking financial company. (8) Notwithstanding anything contained in any other law for the time being in force or in any contract, no person shall be entitled to claim any compensation for the loss or termination of his office. (9) The Administrator referred to in sub-section (2) shall vacate office im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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