law: Sick Industrial Companies (Special Provisions) Act, 1985
  16. Inquiry into working of sick industrial companies
  (1) The Board may make such inquiry as it may deem fit for
  
  determining whether any industrial company has become a sick industrial
  
  company- 
  (a) upon receipt of a reference with respect
  
  to such company under section 15; 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 Board may if it deems necessary or expedient so to do
  
  for the expeditious disposal of an inquiry under sub-section (1), require by
  
  order any operating agency to enquire into and make a report with respect to
  
  such matters as may be specified in the order.
  (3) The Board or, as the case may be, the operating agency shall
  
  complete its inquiry as expeditiously as possible and endeavor shall be made to
  
  complete the inquiry within sixty days from the commencement of the inquiry- 
   2  [Explanation: For the purposes of this sub-section,
  
  an inquiry shall be deemed to have commenced upon the receipt by the Board of
  
  any reference or information or upon its own knowledge reduced to writing by
  
  the Board.]
  (4) Where the Board 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
  
  the case may be, under sub-section (2), it 5[may] appoint one or
  
  more persons to be a special director or special directors of the company for
  
  safeguarding the financial and- other interests of the company 2[or
  
  in the public interest.]
   2  [(4A) The Board may issue such directions to a special
  
  director appointed under sub-section (4) as it may deem necessary or expedient
  
  for proper discharge of his duties.]
  (5) The appointment of a special director referred to in
  
  sub-section (4) shall be valid and effective notwithstanding anything to the contrary
  
  contained in the Companies Act, 1956, or in any other law for the time being in
  
  force or in the memorandum and articles of association or any other instrument
  
  relating to the industrial company, and any provisions regarding share,
  
  qualification, age limit, number of directorships, removal from office of
  
  directors and such like conditions contained in any such law or instrument
  
  aforesaid, shall not apply to any director appointed by the Board.
  (6) Any special director appointed under sub-section (4) shall- 
  (a) hold office during the pleasure of the
  
  Board and may be removed or substituted by any person by order in writing by
  
  the Board;
  (b) not incur any obligation or liability by
  
  reason only of his being a director or for anything done or omitted to be done
  
  in good faith in the discharge of his duties as a director or anything in
  
  relation thereto;
  (c) not be liable to retirement by rotation
  
  and shall not be taken into account for computing the number of directors
  
  liable to such retirement;
   2  [(d) not be liable to be prosecuted
  
  under any law for anything done or omitted to be done in good faith in the
  
  discharge of his duties in relation to the sick industrial company.]