Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act : POWER OF CENTRAL

Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1984

Act No : 16

Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF GANESH FLOUR MILLS IN A GOVERNMENT COMPANY

SECTION 05: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF GANESH FLOUR MILLS IN A GOVERNMENT COMPANY

(1) Notwithstanding anything contained insections 3-and4-, 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, that the Ganesh Flour Mills and the right, title and interest of the Company in relation to the Ganesh Flour Mills which have vested in the Central Government undersection 3-, shall instead of continuing to vest in the Central Government, vest in that 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) Where the right, title and interest in relation to the Ganesh Flour Mills vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner of the Ganesh Flour Mills and all the rights and liabilities of the Central Government in relation to the Ganesh Flour Mills shall, on and from the date of such vesting, be deemed to have been the rights and liabilities, respectively of the Government company.