Duty of persons in charge of management of sick textile undertakings to deliver all assets

Duty of persons in charge of management of sick textile undertakings to deliver all assets. —

1. (1) On the vesting of the management of the sick textile undertakings, in the State Government, or, as the case may be, the authorised person, all persons in charge of the management of the sick textile undertakings immediately before such vesting, shall be bound to deliver to the State Government or the authorised person, as the case may be, all assets, books of account, registers or other documents in their custody relating to the sick textile undertakings.
2. (2) The State Government may issue such directions as it may deem desirable to the authorised person for the purpose of taking over the management of the sick textile undertakings.
3. (3) Any person who, on the appointed day, has in his possession or under his control any assets, books, documents or other papers relating to any sick textile undertaking, shall be liable to account for the said assets, books, documents or other papers to the State Government or the authorised person, as the case may be, and shall deliver them up to the State Government or the authorised person on demand.
4. (4) The State Government may take or cause to be taken all necessary steps for securing possession of all sick textile undertakings which have vested in it under this Act.