The Industrial Finance Corporation Act, 1948
30E. Application of Act 1 of 1956.
- 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,-
- 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;
- no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Corporation;
- 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.
- 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.]