Duty of persons in charge of management of the undertakings of the Company to deliver assets, etc

(1) On the vesting of the management of the undertakings of the Company in a Government Company or on a 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.

(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.