Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act,1980
Act No : 67
Section : TRANSFER AND VESTING OF SHARES HELD BY THE COMPANY IN THE SPECIFIED COMPANIES
SECTION 04: TRANSFER AND VESTING OF SHARES HELD BY THE COMPANY IN THE SPECIFIED COMPANIES
(1) On the appointed day, all the shares held by the Company in the specified companies shall, by virtue of this Act, stand transferred to, and vest in, the Central Government.
(2) The Central Government shall be deemed, on and from the appointed day, to have been registered in the Register of Members of the concerned specified company as the holder of each share which stands transferred to, and vested in. it by virtue of the provisions of sub-section (1).
(3) For the removal of doubts, it is hereby declared that the provisions of sub-section (1) and (2) shall not be deemed to affect,-
(a) any right of a specified company subsisting, immediately before the appointed day, against the Company to recover from it any sum of money on the ground that the Company has not paid or credited to the specified company the whole or any part of the value of the shares held by it, or on any other ground whatsoever; or
(b) any right of a specified company subsisting, immediately before the appointed day, against the Company to receive any payments due from the Company.