Kosangas Company (Acquisition of Undertakings) Act : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF

Kosangas Company (Acquisition of Undertakings) Act,1979

Act No : 28

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

SECTION 07: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF UNDERTAKING IN A GOVERNMENT COMPANY

(1) Notwithstanding anything contained in sections 3-,4-,5-and6-, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by notification in the Official Gazette, that the right, title and interest and the liabilities specified in sub-section (2) of section 4 in relation to the undertaking shall, instead of continuing to vest in the Central Government, vest in the 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) When the right, title and interest and the liabilities in relation to the undertaking vest in a Government company under sub-section (1), all the rights and liabilities of the Central Government in relation to the undertaking shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Government Company.

(3) The provisions of sections 3-,4-,5-and sub-section (1) of section 6-shall, so far as may be, apply in relation to such Government company as they apply in relation to the Central Government and for this purpose references therein to the "Central Government" shall be construed as references to such Government company.