Section 9(8) in The Credit Information Companies (Regulation) Act, 2005
(8)Upon making of the order under sub-section (5), superseding the board of a credit information company—(a)the chairperson, managing director and other directors of such credit information company shall, as from the date of supersession, vacate their offices as such;(b)all the powers, functions and duties which may, by or under the provisions of the Companies Act, 1956 (1 of 1956) or this Act or any other law for the time being in force, be exercised or discharged, by or on behalf of the board of such credit information company, or by a resolution passed in general meeting of that company, shall, until the reconstitution of its board under sub-section (10), be exercised and discharged by the Administrator appointed by the Reserve Bank under sub-section (6):Provided that the powers exercised by the Administrator shall be valid notwithstanding that such powers are exercisable by a resolution passed in the general meeting of such credit information company.
