(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,-
(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 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 Act 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 , (1 of 1956)shall continue to apply to the two companies in the same manner as it applied thereto before the appointed day.
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