Roop's Law Assist
Waitlist

Section 18B

Effect of notified order under section 18A . — (1) On the issue of a notified order under section 18A authorising the taking over of the management of an industrial undertaking,—

Back to ActAct Subordinates
18B. Effect of notified order under section 18A . — (1) On the issue of a notified order under section 18A authorising the taking over of the management of an industrial undertaking,— (a) all persons in charge of the management, including persons holding office as managers or directors of the industrial undertaking immediately before the issue of the notified order, shall be deemed to have vacated their offices as such; (b) any contract of management between the industrial undertaking and any managing agent or any director thereof holding office as such immediately before the issue of the notified order shall be deemed to have been terminated;