(1) Notwithstanding anything contained in the Companies Act, 1956, or in the memorandum or articles of association of either of the two companies, so long as the management of the undertakings of the two companies remains vested in the Central Government,— Application of Act 1 of
1956.
(a) it shall not be lawful for the shareholders of either of the two companies or any other person to nominate or appoint any person to be a director of such company;
(b) no resolution passed at any meeting of the shareholders of either of the two companies on or after the appointed day shall by given effect to unless approved by the Central Government;
(c) no proceeding for the winding up of either of the two companies or for the appointment of a liquidator or receiver in respect thereof shall lie in any court except wilh 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, specify in this behalf, the Companies Act, 1956, shall continue to apply to the tw0 companies in the same manner as it applied thereto before the appointed day.
1 of 19-56,
9. In computing the period of limitation prescribed by any law for the time being in force for any suit or application against any person by cither of the two companies in respect of any matter arising out of any transaction in relation to the undertaking of any of the two companies, the time during which this Ordinance remains in force shall be excluded.
Exclusion of period of operation of this Ordinance from limitation.