Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act : DUTY TO DELIVER POSSESSION OF

Bolani Ores Limited (Acquisition of Shares) and Miscellaneous Provisions Act,1978

Act No : 42

Section : DUTY TO DELIVER POSSESSION OF PROPERTIES, ETC

SECTION 16: DUTY TO DELIVER POSSESSION OF PROPERTIES, ETC

- Where any property appertaining to any of the undertakings of the dissolved company has been transferred to, and vested in the Steel Authority of India,-

(a) every person in whose possession, custody or control any such property may be, shall, on demand by the Steel Authority of India, forthwith deliver the property to the Steel Authority of India or to such person as the Steel Authority of India may authorise in this behalf;

(b) any person who, immediately before wich vesting, has, in his possession, custody or control any books, documents or other papers relating to any of the undertakings of the dissolved company shall be liable to account for the said books, documents and papers to the Steel Authority of India and shall deliver them to the Steel Authority of India or to such person as the Steel Authority of India may authorise in this behalf.

(2) Without prejudice to the other provisions contained in this section, it shall be lawful for the Steel Authority of India to take all necessary steps for taking possession of all properties, which have been transferred to, and vested in it, under this Act.