(1) Notwithstanding anything contained in the Companies Act, 1956, or in the memorandum or articles of association of the company, but subject to the provisions of sub-section (2) of section 6, so long as the management of the undertaking of the company remains vested in the Central Government,—
(a) it shall not be lawful for the shareholders of the company or any other person to nominate or appoint any person to be a director of the company;
(b) no resolution passed at any meeting df the shareholders of the company on or after the appointed day shall be given effect to unless approved by the Central Government;
(c) no proceeding for the winding up of the company or for the appointment of a liquidator or receiver in respect thereof shall lie in any court except with the consent of the Central Government.
(2) Subject to the provisions contained in sub-section (1), and to the other provisions contained in this Ordinance 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 Companies Act, 1956, shall continue to apply to the company in the same manner as it applied thereto before the appointed day.
CHAPTER III MISCELLANEOUS