State Financial Corporations Act, 1951
32A. Power of Financial Corporation to appoint Directors or administrators of an industrial concern when management is taken over
(1) When the management of an industrial concern is taken over by the Financial Corporation, the Financial Corporation may, by order notified in the Official Gazette, appoint as many persons as it thinks fit,-
(a) in any case in which the industrial concern is a company as defined in the Companies Act, 1956 (1 of 1956), to be Directors of that industrial concern; or
(b) in any other case, to be administrators of that industrial concern.
(2) The power to appoint Directors or Administrators under this section includes the power to appoint any individual, firm or company to be the managing agent or manager of the industrial concern on such terms and conditions as the Financial Corporation may think fit.
(3) Nothing in the Companies Act,1956 (1 of l956) or in any other law for the time being in force or in any instrument relating to the industrial concern shall, in so far as it makes in relation to a Director, any provision for the holding of any share qualification, age limit, restriction on the number of Directorship, retirement by rotation or removal from office, apply to any Director appointed by the Financial Corporation under this section.