The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act,1978
Section 16. Provisions relating to directors
(1) Every person holding office as a director of a dissolved company immediately before the appointed day, shall, on that day, cease to hold office as such director.
(2) Every person, being a director in whole-time employment of a dissolved company, immediately before the appointed day, shall continue to be an employee of the corresponding unit of the Integral Company with such designation and on such terms and conditions as may be determined by the Integral Company.