(1) Notwithstanding anything coniained in the Companies Act, 1956, or in the memorandum or articles of association of the com- Pany7—
(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 of the shareholders of the company shall be given effect to unless approved by the Central Government;
(c) no proceeding for the winding up of the company or frr the appointment of a liquidator or receiver in respect thereof sh^ll lie in any court except with the consent of the Central Government, Application of Act 1 of
1956.
226 THE GAZETTE OF INDIA EXTRAORDINARY [PART II
(2) Subject to the provisions contained in sub-section (I), 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 tMs behalf, the Companies Act, 1956, shall continue to apply to the company in the same manner as it applied thereto before the issue of the notified order under subjection (1) of section 3.
1 of 1956.
Power of Central Government to cancel order notified, under section 3.
9. Ii at any time it appears to the Central Government on the application of any shareholder of the company or otherwise that the purpose of the notified order made under sub-section (I) of section 3 has been fulfilled or that for any other reason it is not necessary that the order should remain in force, the Central Government may, by notified order, cancel such order and on the cancellation of any such order the management of the undertaking of the company shall revert to the shareholders of the company,
CHAPTER III MISCELLANEOUS Duty to deliver possession of property and documents relating thereto.