Inquiry into working of sick industrial companies.

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....___      (a) upon receipt of a reference with respect to such company under section 424A; or      (b) upon information received with respect to such company or upon its own knowledge as to the financial condition of the company. (2) The Tribunal may, if it deems necessary or expedient so to do for the expeditious disposal of an inquiry under sub-sec....

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....ing for such extension. Explanation. For the purposes of this sub-section, an inquiry shall be deemed to have commenced upon the receipt by the Tribunal of any reference or information or upon its own knowledge reduced to writing by the Tribunal. (5) Where the Tribunal deems it fit to make an inquiry or to cause an inquiry to be made into any industrial company under sub-section (1) or, as t....

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.... this Act, necessary for discharge of his or their duties. (7) The Tribunal may issue such directions to a special director appointed under sub-section (5) as it may deem necessary or expedient for proper discharge of his duties. (8) The appointment of a special director referred to in sub-section (5) shall be valid and effective notwithstanding anything to the contrary contained in any othe....