Chapter IV MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE COMPANY

1. (1) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title, interest and liabilities in relation to which have vested in the Government under section 3, shall,—
   • (a) where a direction has been made by the Government under sub- section (1) of section 6, vest in the Government Company specified in such direction; or
   • (b) where no such direction has been made by the Government, vest in a Custodian appointed by the Government under sub-section (2), and thereupon the Government Company or the Custodian, as the case may be, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to its undertakings.
2. (2) The Government may appoint any individual or body of persons as Custodian of the undertakings of the Company in relation to which no direction has been made by them under sub-section (1) of section 6.
3. (3) The Custodian shall receive, from the funds of the undertakings of the Company, such remuneration as the Government may fix and shall hold office during the pleasure of the Government.
4. (4) Notwithstanding anything contained in sub-sections (1) and (2), where any undertaking has been specified in a notification under sub-section (1) of section 6, the Custodian shall not be entitled to exercise any power or to do any other thing in relation to such undertaking.

Company to deliver all assets, etc.— (1) On the vesting of the management of the undertakings of the Company in a Government Company or on the appointment of a Custodian, all persons in charge of the management of the undertakings of the Company immediately before such vesting or appointment, shall be bound to deliver to the Government Company or the Custodian, as the case may be, all assets, books of account, registers or other documents in their custody relating to the undertakings of the Company, or, as the case may be, any part thereof: Provided that in the case of any undertaking specified in the notification under sub-section (1) of section 6, such assets, books of account, registers and other documents shall be delivered to an officer specified by the Government in this behalf.

1. (2) The Government may issue such directions as they may deem desirable in the circumstances of the case to the Government Company or the Custodian, and the Government Company or the Custodian may also, if it is considered necessary so to do, apply to the Government at any time for instructions as to the manner in which the management of the undertakings of the Company shall be conducted or in relation to any other matter arising in the course of such management.

(1) Any person who has, on the appointed day, in his possession or under his control any assets, books, documents or other papers relating to any undertaking owned by the Company, which have vested in the Government or in a Government Company under this Act, and which belong to the Company, or would have so belonged if the undertaking owned by the Company had not vested in the Government or such Government Company, shall be liable to account for the said assets, books, documents and other papers to the Government or the Government Company and shall deliver them up to the Government or the Government Company, as the case may be, or to such person or persons as the Government or the Government Company may specify in this behalf.

1. (2) The Government or the Government Company may take or cause to be taken all necessary steps for securing possession of the undertakings of the Company which have vested in the Government or the Government Company under this Act.
2. (3) The Company shall, within such period as the Government may allow in this behalf, furnish to the Government a complete inventory of all its properties, assets and liabilities, as on the appointed day, pertaining to the undertakings which have vested in the Government under section 3, and, for this purpose, the Government or the Government Company shall afford to the Company all reasonable facilities.

The Custodian shall maintain an account of the undertakings of the Company in such form and manner and under such conditions as may be prescribed.