The Companies Act, 1956
334. VACATION OF OFFICE ON INSOLVENCY, DISSOLUTION OR WINDING UP, ETC.
Subject to the provisions of section 340, the managing agent of a company shall be deemed to have vacated his office as such -(a) in case the managing agent is an individual, if he is adjudged an insolvent;(b) in the same case, if the managing agent applies to be adjudicated an insolvent;(c) in case the managing agent is a firm, on its dissolution from any cause whatsoever, including the insolvency of a partner in the firm;(d) in case the managing agent is a body corporate, on the commencement of its winding up whether by or subject to the supervision of the Court, or voluntarily;
(e) in all cases, on the commencement of the winding up of the company managed by the managing agent, whether by or subject to the supervision of the Court or voluntarily.