Section 388C – The Companies Act,1956

The Companies Act, 1956

388C. Interim order by Tribunal

1[388C. Interim order by 2[3[4[Tribunal]]].(1) Where during the pendency of a case before the 2[3[4[Tribunal]]] it appears necessary to the 2[3[4[Tribunal]]] so to do in the interest of the members or creditors of the company or in the public interest, the 2[3[4[Tribunal]]] may on the application of the Central Government or on its own motion, by an order

(a)direct that the respondent shall not discharge any of the duties of his office until further orders of the 2[3[4[Tribunal]]], and

(b)appoint a suitable person in pace of the respondent to discharge the duties of the office held by the respondent subject to such terms and conditions as the 2[3[4[Tribunal]]] may specify in the order.

(2) Every person appointed under clause (b) of sub-section (1) shall be deemed to be a public servant within the meaning of section 21 of the Indian Penal Code (45 of 1860).]

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1. Section 388C ins. by Act 53 of 1963, sec. 9 (w.e.f. 1-1-1964).

2. Subs. by Act 17 of 1967, sec. 4 and Sch., for “Tribunal” (w.e.f. 1-7-1967).

3. Subs. by Act 31 of 1988, sec. 67, for “High Court” (w.e.f. 31-5-1991).

4. Subs. by Act 11 of 2003, sec. 38, for “Company Law Board”.

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