Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act : POWER OF CENTRAL

Andhra Scientific Company Limited (Acquisition and Transfer of Undertakings) Act,1982

Act No : 71

Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE COMPANY IN A GOVERNMENT COMPANY

SECTION 06: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE COMPANY IN A GOVERNMENT COMPANY
(1) Notwithstanding anything contained insections 3-and4-, the Central Government may, subject to such terms and conditions as it may think fit to impose, direct, by notification, that the undertakings of the Company and the right, title and interest of the Company in relation to its undertakings, which have vested in that Government undersection 3-, shall, instead of continuing to vest in the Central Government, vest in a Government company either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
(2) Where the right, title and interest of the Company, in relation to its undertakings, vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities of the Government company.