Provisions as to certain companies.

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Part VII PROVISIONS AS TO CERTAIN CORPORATIONS

Statutory text

(1) Notwithstanding anything contained in the foregoing provisions of this Part, each of the companies specified in the Ninth Schedule to this Act shall, on and from the appointed day and until otherwise provided for in any law, or in any agreement among the successor States, or in any direction issued by the Central Government, continue to function in the areas in which it was functioning immediately before that day; and the Central Government may, from time to time, issue such directions in relation to such functioning as it may deem fit, notwithstanding anything to the contrary contained in the Companies Act, 1956 (1 of 1956), or in any other law.
(2) Any directions issued under sub-section (1) in respect of a company referred to in that sub-section, may include directions—
- (a) regarding the division of the interests and shares of existing state of Bihar in the company among the successor States;
- (b) requiring the reconstitution of the Board of Directors of the company so as to give adequate representation to both the successor States.

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