Section 8(1) in The Indian Iron And Steel Company (Taking Over Of Management) Act,1972
(1)Notwithstanding anything contained in the Companies Act, 1956, or in the memorandum or articles of association of the company, but subject to the provisions of sub-section (2) of section 7, so long as the management of the undertaking of the company remains vested in the Central Government,--(a)it shall not be lawful for the shareholders of the company or any other person to nominate or appoint any person to be a director of the company;(b)no resolution passed at any meeting of the shareholders of the 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 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.
