Bare Acts

CHAPTER IV DUTY OF PERSONS IN CHARGE OF MANAGEMENT OF THE UNDERTAKINGS OF THE TWO SPECIFIED COMPANIES TO DELIVER ALL ASSETS, ETC


8. Duty of persons in charge of management of the undertakings of the two specified companies
to deliver all assets, etc.—On the vesting of the undertakings of the two specified companies in the
Central Government, all persons in charge of the management of the undertakings immediately before
such vesting, shall be bound to deliver to the Central Government all assets, books of account, registers or
other documents in their custody relating to the undertakings.
9. Duty of persons to account for assets, etc., in their possession.—(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 a specified company which have vested in the Central Government and
which belong to the specified company, or would have so belonged, if the undertakings owned by the
specified company had not vested in the Central Government, shall be liable to account for the said assets,
books, documents and other papers to the Central Government and shall deliver them up to the Central
Government or to such person or persons as the Central Government may specify in this behalf.
(2) The Central Government may take or cause to be taken all necessary steps for securing possession
of the undertakings of the two specified companies which have vested in the Central Government under
this Act.
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(3) The two specified companies shall within such period as the Central Government may allow in
this behalf, furnish to that Government a complete inventory of all their properties and assets, as on the
appointed day, pertaining to the undertakings which have vested in the Central Government under section
3 and, for this purpose, the Central Government shall afford to the two specified companies all reasonable
facilities.

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