Section 388C - Interim order by [Tribunal]. - Companies Act, 1956

[1] Interim order by [2] [Tribunal]. 388C. (1) Where during the pendency of a case before the 1[Tribunal] it appears necessary to the 1[Tribunal] so to do in the interest of the members or creditors of the company or in the public interest, the 1[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 1[Tribunal], and (b) appoint a suitable person in place of the respondent to discharge the duties of the office held by the respondent subject to such terms and conditions as the 1[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, 1860 (45 of 1860). ------------------------------------------------ Notes:- [1] Inserted by the Companies (Amendment) Act, 1963, w.e.f. 1-1-1964. [2] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Earlier the quoted words were substituted for High Court by the Companies (Amendment) Act, 1988, w.e.f. 31-5-1991, and High Court was substituted for Tribunal by the Companies Tribunal (Abolition) Act, 1967, Act, 17 of 1967, w.e.f 1-7-1967.