Central Government Act
Section 32E(1) in The State Financial Corporations Act, 1951
(1) Where the management of an industrial concern, being a company as defined in the Companies Act, 1956 , is taken over by the Financial Corporation, then, notwithstanding anything contained in the said Act or in the memorandum or articles of association of such concern,-
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;
no resolution passed at any meeting of the shareholders of such concern shall be given effect to unless approved by the Financial Corporation;
no proceeding for the winding up of such concern or for the appointment of receiver in respect thereof shall lie in any Court, except with the consent of the Financial Corporation.