The Industrial Finance Corporation Act, 1948
30A. Power of Corporation to appoint Directors of an industrial concern when
management is taken over.
- When the management of an industrial concern is
taken over the Corporation, the
Corporation may, by order notified in the Official Gazette, appoint as many
persons as it thinks fit to be the 2*["Directors, or, as the case may be,
the Administrator of that industrial concern"] 3*[and nothing in the
Companies Act, 1956 (1 of 1956), or in any such law or instrument relating to
the industrial concern in so far as it makes, in relation to a director any
provision for the holding of any share qualification, age limit, restrictions
on the number or directorships, retirement by rotation or removal from office
shall apply to any
Director appointed by the Corporation under this section].
- The power to appoint Directors
under this section includes the power to appoint any individual 2*[to be the
Manager] of the industrial concern on such terms and conditions as the
Corporation may think fit.
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