(1)The Central Government may, after consulting the Reserve Bank, remove from office 2[the chairman 3*** or a managing director.]
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(3)The Central Government, 5*** may remove from office any director6[appointed under clause (ca) or clause (cb) or nominated under clause(d) 7[of section 19] 8[or any member of a Local Board nominated under clause (c) of sub-section (1) of section 21] and 9[appoint or nominate, as the case may be], in his stead another person to fill the vacancy.
(4)The shareholders, other than the 10[Central Government], may, by a resolution passed by majority, of the votes of such shareholders holding in the aggregate not less than one-half of the share capital held by all such shareholders, remove any director elected under clause (c) 11***of section 19 and elect in his stead another person to fill the vacancy.
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(6)No person shall be removed from his office under sub-section (1) 13*** or sub-section (3) unless he has been given an opportunity of showing cause against his removal.