Section 26(4) in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
(4)The Board may, for any failure by the directors to abide by these regulations or the Code of Conduct or Code of Ethics or in case of any conflict of interest, either upon a reference from the recognised stock exchange or the recognised clearing corporation or suo motu, take appropriate action including removal or termination of the appointment of any director, after providing him a reasonable opportunity of being heard.
