(1)Where during the pendency of a case before the [Tribunal] [Substituted by Act 11 of 2003, Section 38, for " Company Law Board" . ] it appears necessary to the [Tribunal] [Substituted by Act 11 of 2003, Section 38, for " Company Law Board" . ] so to do in the interest of the members or creditors of the company or in the public interest, the [Tribunal] [Substituted by Act 11 of 2003, Section 38, for " Company Law Board" . ] may on the application of the Central Government or on its own motion, by an order(a)direct that the respondent shall not discharge any of the duties of his office until further orders of the [Tribunal] [Substituted by Act 11 of 2003, Section 38, for " Company Law Board" . ], and(b)appoint a suitable person in place of the respondent to discharge the duties of the office held by the respondent subject to such terms and conditions as the [Tribunal] [Substituted by Act 11 of 2003, Section 38, for " Company Law Board" . ] may specify in the order.(2)Every person appointed under clause (b) of sub-section (1) shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code (45 of 1860).
