Power of Government to direct vesting of the undertakings of the company in a Government Company

(1) Notwithstanding anything contained in sections 3 and 4, the Government may, subject to such terms and conditions as they may think fit to impose, direct, by notification in the Gazette, that all the undertakings of the Company and the right, title, interest and liabilities of the Company in relation to its undertaking which have vested in the Government under section 3, except any undertaking or undertakings specified in the notification and the right, title, interest and liabilities in relation to the undertaking or undertakings so specified, shall, instead of continuing to vest in the Government, vest in the Government Company 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 interest and liabilities of the Company in relation to all or any of its undertakings vest in a Government Company under sub-section (1), the Government Company shall, on and from the date of such vesting, be deemed to have become the owner in relation to the undertaking so vested, and all the rights and liabilities of the Government in relation to such undertaking, shall on and from the date of such vesting, be deemed to have become the rights and liabilities of the Government Company.