Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act : POWER OF THE CENTRAL

Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

Act No : 41

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

SECTION 06: POWER OF THE CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE COMPANY IN ANDREW YULE

(1) Notwithstanding anything contained in sections 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 the Central Government under section 3-, shall, instead of continuing to vest in the Central Government, vest in Andrew Yule 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 Andrew Yule under sub-section (1), Andrew Yule shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on find from the date of such vesting, be deemed to have become the rights and liabilities of Andrew Yule.