Undertakings of the Companies to vest in the Government

(1) With effect on and from the appointed date the undertakings of the companies shall, by virtue of this Act, stand transferred to and vest in the Government.

(2) Every company which after the vesting date, was in possession of, or deriving any benefit from the undertaking vested in the Government under sub-section (1) shall be liable to pay to the Government, for the period, after such vesting for which it was in such possession or deriving such benefit, an amount as compensation for the use, occupation or enjoyment of that undertaking as the prescribed authority may fix in the prescribed manner. Such authority shall take into consideration such factors as may be prescribed.