Section 4(3) in Life Insurance Corporation General Rules, 1956
(3)Notwithstanding anything contained in rule 3 or sub-rule (2) of rule 4, the Central Government may remove a whole-time director from office if it is satisfied that -(i)in the public interest or for securing the proper management of the Corporation it is necessary so to do; or(ii)he has abused his position or has acted in a manner prejudicial to the interests of the Corporation:Provided that no such removal shall be made unless he has been given a reasonable opportunity of being heard in the matter.]
