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The Industrial Finance Corporation Act, 1948

30E. Application of Act 1 of 1956.

  1. Where the management of an industrial concern, being a company as defined in the 1*[Companies Act, 1956 (1 of 1956)], is taken over by the Corporation, then, notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,-
  1. it shall not be lawful for the shareholders of such concern or any other person to nominate or appoint any person to be a Director of the concern;
  2. no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Corporation;
  3. no proceeding for the winding up of such concern or for the appointment of a receiver in respect thereof shall lie in any Court, except with the consent of the Corporation.
  1. Subject to the provisions contained in sub-section (1) and to the other provisions contained in this Act and subject to such other exceptions, restrictions and limitations, if any, as the Central<
    Government may, by notification in the Official Gazette, specify in this behalf, the 1*[Companies Act, 1956 (1 of 1956)], shall continue to apply to such concern in the same manner as it applied thereto before the issue of the notified ORDER under section 30A.]

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