Section 36AA(2) in The Banking Regulation Act, 1949
(2)No order under sub-section (1) shall be made [unless the chairman, director] [Substituted by Act 58 of 1968, Section 13,for " unless the director" (w.e.f. 1.2.1969).] or chief executive officer or other officer or employee concerned has been given a reasonable opportunity of making a representation to the Reserve Bank against the proposed order:Provided that if, in the opinion of the Reserve Bank, any delay would be detrimental to the interests of the banking company or its depositors, the Reserve Bank may, at the time of giving the opportunity aforesaid or at any time thereafter, by order direct that, pending the consideration of the representation aforesaid, if any, [the chairman or, as the case may be, director or chief executive officer] [Substituted by Act 58 of 1968, Section 13, for " the director or, as the case may be, chief executive officer" (w.e.f. 1.2.1969).] or other officer or employee, shall not, with effect from the date of such order-(a)[act as such chairman or director] [Substituted by Act 58 of 1968, Section 13, for " act as such director" (w.e.f. 1.2.1969).] or chief executive officer or other officer or employee of the banking company;(b)in any way, whether directly or indirectly, be concerned with, or take part in the management of, the banking company.
