276. Removal and replacement of liquidator
(1) The Tribunal may, on a reasonable cause being shown and for reasons to be
recorded in writing, remove the provisional liquidator or the Company Liquidator, as the case
may be, as liquidator of the company on any of the following grounds, namely:—
(a) misconduct;
(b) fraud or misfeasance;
(c) professional incompetence or failure to exercise due care and diligence in
performance of the powers and functions;
(d) inability to act as provisional liquidator or as the case may be, Company
Liquidator;
(e) conflict of interest or lack of independence during the term of his appointment
that would justify removal.
(2) In the event of death, resignation or removal of the provisional liquidator or as the
case may be, Company Liquidator, the Tribunal may transfer the work assigned to him or it
to another Company Liquidator for reasons to be recorded in writing.
(3) Where the Tribunal is of the opinion that any liquidator is responsible for causing
any loss or damage to the company due to fraud or misfeasance or failure to exercise due care
and diligence in the performance of his or its powers and functions, the Tribunal may recover
or cause to be recovered such loss or damage from the liquidator and pass such other orders
as it may think fit.
(4) The Tribunal shall, before passing any order under this section, provide a reasonable
opportunity of being heard to the provisional liquidator or, as the case may be, Company
Liquidator.