Section 276 — Removal and replacement of liquidator

(1) The Tribunal may, on a reasonable cause being
shown and for reasons to be recorded in writing, remove the provisional li quidator or the Company
Liquidator, as the case may be, as liquidator of the company on any of the following grounds, namely:—
(a) misconduct;
(b) fraud or misfeasance;
(c) professional incompetence or failure to exercise due care and diligence in performa nce of the
powers and functions;
(d) inability to act as provisional liquidator or as the case may be, Company Liquidator;
(e) conflict of interest or lack of independence during the term of his appointment that would justify
removal.
(2) In the event of d eath, resignation or removal of the provisional liquidator or as the case may be,
Company Liquidator, the Tribunal may transfer the work assigned to him or it to another Company
Liquidator for reasons to be recorded in writing.
(3) Where the Tribunal is of the opinion that any liquidator is responsible for causing any loss or damage
to the company due to fraud or misfeasance or failure to exercise due care and diligence in the performance
of his or its powers and functions, the Tribunal may recover or cause to be recovered such loss or damage
from the liquidator and pass such other orders as it may think fit.
(4) The Tribunal shall, before passing any order under this section, provide a reasonable opportunity of