The Government may, by order in writing, remove the Managing Director or a Director, as the case may be, after giving him an opportunity of being heard if he,—
(a) refuses to act or fails to discharge or becomes, in the opinion of the Government, incapable of discharging his responsibilities under this Act;
(b) has, in the opinion of the Government, abused his position as Managing Director or Director which has rendered his continuance on the Corporation detrimental to the interest thereof or of the general public; or
(c) is otherwise unfit to continue as a Managing Director or Director;
(d) has knowingly acquired or continued to hold, without the permission in writing of Government directly or indirectly, or through a partner any share or interest in any contract or employment with, or on behalf of the Corporation or in any property, which he knows is likely to benefit or has benefited him as a result of the operation of the Corporation.