Special statutory management under industrial law suspends share register rectification rights while the undertaking remains under Central control.

Section 18FA, read with sections 18FB and 18FG of the Industries (Development and Regulation) Act, 1951, was treated as a self-contained regime for a company in liquidation whose industrial undertaking had been taken over by the Central Government. While that special management continued, the undertaking's winding-up-related proceedings stayed suspended and the associated rights and remedies, including rectification of the share register and recording of transfers, remained in abeyance. On that basis, the ordinary jurisdiction under section 155 of the Companies Act, 1956 could not be invoked to alter the share register during the subsisting statutory control.

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Issues: Whether an application for rectification of the share register under section 155 of the Companies Act, 1956 was maintainable while the company was in liquidation and its industrial undertaking had been taken over by the Central Government under Chapter III-AA of the Industries (Development and Regulation) Act, 1951.

Analysis: The statutory scheme of sections 18FA, 18FB and 18FG of the Industries (Development and Regulation) Act, 1951 was treated as a self-contained regime for companies in liquidation whose industrial undertakings had been taken over under section 18FA. The provisions required the authorised person to take over management, prepare inventories and lists of members, and expressly provided that winding-up proceedings relating to the undertaking would remain stayed during the period of such management or control. The Court further held that rights and remedies connected with the undertaking, including the right to seek rectification of the share register and the corresponding right to have a transfer recorded, remained suspended while the special statutory regime operated. In that situation, the ordinary jurisdiction under section 155 of the Companies Act, 1956 could not be invoked to alter the share register.

Conclusion: The application was not maintainable at that stage, and the petitioner's right to seek rectification remained suspended while the undertaking was under Central Government management.

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