Power to remove directors etc

Power to remove directors etc:

1. (1) Notwithstanding anything contained in the Memorandum and Articles of Association of a Public Sector Undertaking, the Government may, for reasons to be recorded in writing, remove any director, including the Chairman, managing director or any other whole-time director of a Public Sector Undertaking, if the Government is of the opinion that such director—
   • (a) has acted in a manner prejudicial to the interests of the Public Sector Undertaking or the Government; or
   • (b) has failed to discharge his duties efficiently; or
   • (c) is otherwise disqualified to continue as such director.
2. (2) Any director removed under sub-section
3. (1) shall not be entitled to any compensation or damages for such removal.