Amendment status not verified — confirm the current text below against the official source.
Effect of notified order under section 32A.—On the issue of a notified order under section 32A,— (a) in any case in which the industrial concern is a company as defined in the Companies Act, 1956 (1 of 1956) all persons holding office as directors of the industrial concern and in any other case, all persons holding any office having the powers of superintendence, direction and control of the industrial concern, 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 concern and any managing agent or any director or manager there of holding office as such immediately before the issue of the notified order shall be deemed to have terminated;