Section 14(1) in The Shipping Development Fund Committee (Abolition) Act, 1986
(1)Where directors have been appointed under section 10 in relation to a company, then, notwithstanding anything contained in the Companies Act, 1956 or in the memorandum or articles of association of such company,--(a)it shall not be lawful for the shareholders of such 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 such company shall be given effect to unless approved by the Central Government;(c)no proceeding for the winding up of such company or for the appointment of a receiver in respect thereof shall lie or be continued in any court, except with the consent of the Central Government.
