Provided that such person shall disclose to the Government, the nature and extent of the shares held by him.

Removal of directors

1. (1) If at any time, it appears to the Government that a wholetime director is unsuitable for such office, or has been guilty of any misconduct or neglect which renders his removal expedient, they may, by notification, remove him from office after giving him a reasonable opportunity of showing cause.
2. (2) The Government, may by notification, remove any non-official director after giving him a reasonable opportunity of showing cause-
   • (a) if he, being a legal practitioner acts or appears on behalf of any person other than the Board in any civil, criminal or other legal proceedings in which the Board is interested either as a party or otherwise, or
   • (b) if he, in the opinion of the Government, is unsuitable or has become incapable of acting as a director or has been guilty of any misconduct or neglect or has so abused his position as a director as to render his continuance as such director detrimental to the interests of the Board.
3. (3) A non-official director removed under the provision of clause
   • (a) of sub-section
4. (2) shall, unless otherwise directed by the Government, be disqualified for appointment as a director for a period of three years from the date of such removal.
5. (4) A non-official director removed under clause
   • (b) of sub-section
6. (2) shall not be eligible for reappointment until he is declared by an order of the Government to be no longer as ineligible.