(1) So long as the management of the textile undertaking or a textile company remains vested in the Central Government under this Ordinance, notwithstanding anything contained in the Companies Act, 1956 or in the memorandum or articles of association of such company,—
(a) it shall not be lawful for the shareholders of the textile company or any other person to nominate or appoint anv person to be a Director of such textile company in relation to such undertaking;
Ordinance to have overriding effect.
Application of Act 1 ot
1956.
SEC 1] THE GAZETTE OF INDIA EXTRAORDINARY 7
(ft) no resolution affecting (whether directly or indirectly) ouch undertaking which is passed at any meeting of the shareholders of the textile 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 textile 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-sc-ction (1), and to the other provisions contained m 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 textile companies in the same manner as it applied thereto before the appointed day.
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 any of thei textile companies in respect of any matter arising out of any transaction in relation to its textile undertaking, the time during which this Ordinance remains in force shall be excluded.