Section 7 in The Jayanti Shipping Company (Acquisition Of Shares) Act, 1971
7. Interim management of company.
(1)Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or in the memorandum or articles of association of the company, on and from the appointed day and till a new Board of directors of the company is duly constituted, the persons specified in the Schedule shall be the directors of the company and shall constitute the Board of directors of the company.(2)If any vacancy arises in the Board of directors specified in the Schedule, it shall be filled by the Central Government in such manner as it thinks fit and thereupon the Schedule shall be deemed to be amended accordingly.(3)No act or proceeding of the Board of directors specified in the Schedule shall be invalid merely by reason of the existence of any vacancy in the membership of the Board.
