Section 6(3) in The Industrial Reconstruction Bank Of India Act, 1984
(3)When any person is appointed by the Central Government under sub-section (1), to take over the management of the Corporation,--(a)the provisions of the Companies Act, 1956, (1 of 1956.) or of any other law for the time being in force, or any instrument having effect by virtue of any Act, or other law, shall, in so far as they are inconsistent with the provisions of this Act, cease to apply to, or in relation to, the Corporation;(b)all persons holding office as Chairman and Managing Director and other directors, of the Corporation, immediately before the appointment of the person under sub-section (1), shall be deemed to have vacated their offices as such.
