Section 46(1) in The Industrial Reconstruction Bank Of India Act, 1984
(1)Where the management of an industrial concern, being a company as defined in the Companies Act, 1956, is taken over by the Reconstruction Bank, then, notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,--(a)it shall not be lawful for the shareholders of such concern or any other person to nominate or appoint any person to be a director of the concern;(b)no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Reconstruction Bank;(c)no proceeding for the winding up of such concern or for the appointment of a receiver in respect thereof shall lie in any court, except with the consent of the Reconstruction Bank.
