Removal of director

There are three Director Name A. 35% Share, B 35% Share and C 40% Share. A & B (60% Share) wants to remove C (40% Share) due to mismanagement and fraud Commited from Company Bank Accounts by using it for Personal use and making hefty amount of Transactions without any known or consent from other Director. Can A & B remove C Director according to there holdings. If Yes then Tell me the procedure according to new Compoanies act, 2013.