In view of the case against MD& CEO of the Company, can RBI evoke the “fit and proper criteria” and remove him from office? Inter alia, “fit and proper” requires the following to be fulfilled by any person:
i) If the director been subject to any investigation at the instance of Government department or agency
ii) If the director has at any time come to the adverse notice of a regulator such as SEBI, IRDA, MCA i.
iii) Any other explanation/information considered relevant for judging fit and proper
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