Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act : POWER OF

Gresham and Craven of India (Private) Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 42

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

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

(1) Notwithstanding anything contained in sections 3-,4-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, 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-and thereafter in the Braithwaite and Company Limited, under section 6-, shall, instead of continuing to vest in the Braithwaite and Company Limited, 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) Where the right, title and interest of the Company in relation to its undertakings 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 in relation to such undertakings and all the rights and liabilities of the Central Government or the Braithwaite and Company Limited in relation to such undertakings shall on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of the Government company.