Power to make rules.

(1) The Central Government may, by notification, make rules for carrying out the purposes of this Act or by like notification and for carrying out like purposes, direct that any rules made by any authority under the Companies Act, 1956, in so far as such rules relate to the carrying out of such purposes shall apply with or without such adaptations and modifications, whether by way of repeal or amendment, as may be necessary, or expedient, and thereupon such rules shall have effect subject to the adaptations and modifications so made as if they were made under this Act. (2) Every rule made or applied under this section shall be laid as soon as may be after it is made or applied before each House of the State Legislature while it is in session for a total period of ten days which may be comprised in one session or in two successive sessions, and if before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made or applied, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.