Section 4(3) in The Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking Over of Management) Act, 1979
(3)Subject to the provisionsof this Act and to the control of the Central Government, the Custodian shallbe entitled, notwithstanding anything contained in the Companies Act, 1956 (1of 1956), to exercise all the powers of the Board of Directors of the twocompanies (including the power to dispose of any properties or assets of thetwo companies) whether such powers are derived from the Companies Act, 1956, orfrom the memorandum and articles of association of either of the two companiesor from any other source.
