Industries (Development ＆ Regulation) Act, 1951

Section - 18FF - Provisions where Government decides to follow the course of action specified in section 18FD(2)

[Provisions where Government decides to follow the course of action specified in section 18FD(2).

18FF. (1) Where in any case the Central Government decides that the course of action specified in sub-section (2) of section 18FD should be followed, it shall, subject to the provisions of that sub-section, cause to be prepared, by the authorised person, a scheme for the reconstruction of the company, owning the industrial undertaking, in accordance with the provisions hereinafter contained and the authorised person shall submit the same for the approval of that Government.

(2) The scheme for the reconstruction of the company owning the industrial undertaking may contain provisions for all or any of the following matters, namely:-

(a)-the constitution, name and registered office, the capital, assets, powers, rights, interests, authorities and privileges, the liabilities, duties and obligations of the company on its reconstruction;
(b)-any change in the board of directors, or the appointment of a new board of directors of the company on its reconstruction and the authority by whom, the manner in which and the other terms and conditions on which, such change or appointment shall be made and in the case of appointment of a new board of directors, or of any director, the peri .... To read the full section download the app from Google Play store