Companies Act, 1956
Sec 388C - Interim order by Company Law Board.
(1) Where during the pendency of a case before the Company Law Board it appears necessary to the Company Law Board so to do in the interest of the members or creditors of the company or in the public interest, the 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 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 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, 1860.