(1)Notwithstanding anything contained in any other law for the time being in force, if—(a)during the course of any investigation of the affairs and other matters of or relating to a company, other body corporate or person under section 210, section 212, section 213 or section 219 or of the membership and other matters of or relating to a company, or the ownership of shares in or debentures of a company or body corporate, or the affairs and other matters of or relating to a company, other body corporate or person, under section 216; or(b)during the pendency of any proceeding against any person concerned in the conduct and management of the affairs of a company under Chapter XVI,such company, other body corporate or person proposes—(i)to discharge or suspend any employee; or(ii)to punish him, whether by dismissal, removal, reduction in rank or otherwise; or(iii)to change the terms of employment to his disadvantage,the company, other body corporate or person, as the case may be, shall obtain approval of the Tribunal of the action proposed against the employee and if the Tribunal has any objection to the action proposed, it shall send by post notice thereof in writing to the company, other body corporate or person concerned.
