Section 7 in The Indian Iron And Steel Company (Taking Over Of Management) Act,1972
7. Relinquishment of management of the undertaking of the company.
(1)Notwithstanding anything contained in sub-section (1) of section 3, if, at any time before the expiry of the [period of five years referred to in that sub-section or the further period specified in any directions issued under the proviso thereto] [Substituted by Act 36 of 1974 s. 6, for certain words (w.e.f. 28-6-1974). ], it appears to the Central Government that the purposes of the vesting of the management of the undertaking of the company in that Government have been fulfilled or for any other reason it is not necessary that the management of the undertaking of the company should remain vested in that Government, it may by order published in the Official Gazette relinquish the management of the undertaking of the company with effect from such date as may be specified in the order.(2)On and from the date specified in the order published under sub-section (1), the undertaking of the company shall be managed in accordance with the provisions of the Companies Act, 1956 (1 of 1956), so, however, that steps, if any, in relation to the management of the undertaking may be taken after the publication of the order under sub-section (1).
