Fallen Scottish giants Rangers were set for fresh turmoil after the Glasgow club confirmed Friday that former director Dave King had gained sufficient shareholder approval for a meeting demanding the current board be removed.

In a statement to the London Stock Exchange, Rangers said a general meeting would take place in a London hotel on March 4.

But the same statement contained details of King's tax offences in South Africa.

Each member of the Rangers public limited company board -- chairman David Somers, James Easdale, managing director Derek Llambias and Barry Leach -- face removal in separate votes.

Meanwhile King has proposed himself and fellow former old company or oldco Rangers director Paul Murray as a director, together with John Gilligan.

However, Rangers' statement Friday said there was a risk trading in the club's shares could be suspended and that King would be unlikely to pass the Scottish Football Association's 'fit and proper' test because of his previous association with the club.

It also highlighted his convictions on 41 counts of income tax offences, which resulted in a fine of about £40 million ($61 million, 54 million euros) and included extracts from a written judgement in a similar court case in which King was described as a "mendacious witness" and a "glib and shameless liar".

Friday's statement came just a day after Rangers caretaker manager Kenny McDowall revealed he had been told by the board to play the five Newcastle United players who arrived on loan from the English Premier League club on transfer deadline day.

However, Llambias insisted subsequently that the board was not picking the team.

Newcastle owner Mike Ashley owns an 8.92 percent stake in Rangers and is being investigated by the SFA over whether he has breached rules concerning dual interests.

McDowall stepped in after previous manager Ally McCoist resigned in December, but has already handed in his notice at Ibrox and will leave the club at the end of the season.

Rangers are currently second in the second-tier Scottish Championship, 16 points below leaders Hearts with two games in hand.

The record 54-times champions of Scotland have suffered a series of financial problems, with a liquidation crisis seeing them banished to the fourth tier of Scottish football in 2012 after going into administration before they started their climb back up the league ladder.