The Industrial Finance Corporation Act, 1948

30A. Power of Corporation to appoint Directors of an industrial concern when management is taken over.

1. When the management of an industrial concern is taken over the Corporation, the Corporation may, by order notified in the Official Gazette, appoint as many persons as it thinks fit to be the 2*["Directors, or, as the case may be, the Administrator of that industrial concern"] 3*[and nothing in the Companies Act, 1956 (1 of 1956), or in any such law or instrument relating to the industrial concern in so far as it makes, in relation to a director any provision for the holding of any share qualification, age limit, restrictions on the number or directorships, retirement by rotation or removal from office shall apply to any Director appointed by the Corporation under this section].
2. The power to appoint Directors under this section includes the power to appoint any individual 2*[to be the Manager] of the industrial concern on such terms and conditions as the Corporation may think fit.