Transfer and vesting in the Government of shares of the industrial undertaking

Transfer and vesting in the Government of shares of the industrial undertaking.--(1) On the appointed day, all shares in the capital of the industrial undertaking shall by virtue of this Act stand transferred to and vested in the Government.

1. (2) All the shares which have vested in the Government under sub-section
2. (1) shall by force of such vesting be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other encumbrances affecting them.
3. (3) Any dividend payable by Messrs Plyboard Industries Limited, Pampore in respect of any period beginning from appointed day, shall be payable to the Government.