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

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

Act No : 42

Section : VESTING OF THE UNDERTAKINGS OF THE COMPANY IN THE BRAITHWAITE AND COMPANY LIMITED

SECTION 06: VESTING OF THE UNDERTAKINGS OF THE COMPANY IN THE BRAITHWAITE AND COMPANY LIMITED

(1) Notwithstanding anything contained insections 3-and4-, the Central Government shall, as soon as may be, after the promulgation of the Ordinance, 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 Governmentvest in the Braithwaite and Company Limited 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 the Braithwaite and Company Limited under subsection (1), the Braithwaite and Company Limited 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 and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Braithwaite and Company Limited.