Industries (Development and Regulation) Act, 1951
18E. Application of Act 7 of 1913
(1) Where the management of an industrial undertaking being a company as defined in the Indian Companies Act, 19134 (7 of 1913), is taken over by the Central Government, then notwithstanding anything contained in the Act, or in the memorandum or articles of association of such undertaking-
(a) it shall not be lawful for the shareholders of such undertaking or any other person to nominate or appoint any person to be a director of the undertaking;
(b) no resolution passed at any meeting of the shareholder of such undertaking shall be given effect to unless approved by the Central Government
(c) no proceeding for the winding up of such undertaking or for the appointment of the receiver in respect thereof shall lie in any court except with the consent with of the Central Government
(2) Subject to the provision contained in sub-section (1), and to the other provisions contained in this Act and subject to such other exception, restriction and limitation, if any, as the Central Government may, by notification in the Official Gazette, specify in this behalf, the Indian Companies Act, 1913 (7 of 1913)4, shall continue to apply to such undertaking in the same manner as it applied thereto before the issue of the notified order under section 18A.