The Oil Industry (Development) Act, 1974
14. Application of Act 1 of 1956.
- Where the management of an oil
industrial concern, being a company as defined in the Companies Act, 1956, is
taken over by the Board, then, notwithstanding anything contained in the said
Act or in the memorandum or articles of association of such concern,--
- it shall not be lawful for the
shareholders of such concern or any other person to nominate or appoint any
person to be a Director of such concern;
- no resolution passed at any meeting
of the shareholders of such concern shall be given effect to unless approved by
the Board;
- no proceeding for the winding up of
such concern or for the appointment of a receiver in respect thereof shall lie
in any court, except with the consent of the Board.
- 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 in the Official Gazette, specify in this behalf,
the Companies Act, 1956 (1 of 1956), shall continue to apply to such concern in
the same manner as it applied thereto before the issue of the notified order
under section 10.
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