Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980
Act No : 67
Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE COMPANY IN GOVERNMENT COMPANY
SECTION 07: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE COMPANY IN GOVERNMENT COMPANY
(1) Notwithstanding anything contained in section 3-, the Central Government may. if it is satisfied that a Government company is willing to comply with such terms and conditions as that Government 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 the Central Government under section 3-, shall, instead of continuing to vest in the Central Government, vest in the Government company either on the date of the publication of the notification' or on such earlier or later date (not being a date earlier than the appointed day) as may bespecified in the notification.
(2) Where the right, title and interest of the Company in relation to its undertakings, vest under sub-section (1), in a Government company that Government company shall, on and from the dale of such vesting, be deemed to have become the owner in relation to such undertakings, and ail the 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, respectively, of that Government company.