9. Management, etc., of the undertakings of the two companies.—The general superintendence,
direction, control and management of the affairs and business of the undertakings of each of the two
companies, the right, title and interest in relation to which have vested in the Central Government under
section 3, shall,—
(a) where a direction has been made by the Central 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 Central Government, vest in one or more
Custodians appointed by the Central Government under sub-section (2),
and thereupon the Government company so specified or the Custodian or Custodians so appointed, 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 either, or both, of the two companies is or are, authorised to exercise and do in relation to
its or their undertakings.
(2) The Central Government may appoint one or more individuals or a Government company as the
Custodian or Custodians of the undertakings of either, or both, of the two companies in relation to which
no direction has been made by it under sub-section (1) of section 6.
(3) The Custodian or Custodians so appointed shall receive, from the funds of the undertakings of the
two companies, such remuneration as the Central Government may fix and shall hold office during the
pleasure of the Central Government.
10. Duty of persons in charge of management of the undertakings of the two companies to
deliver all assets, etc.—(1) On the vesting of the management of the undertakings of the two companies
in Government companies or on the appointment of a Custodian or Custodians, all persons in charge of
the management of the undertakings of either of the two companies immediately before such vesting or
appointment, shall be bound to deliver to the concerned Government company or the Custodian or
Custodians, as the case may be, all assets, books of account, registers or other documents in their custody
relating to the undertakings.
(2) The Central Government may issue such directions as it may deem desirable in the circumstances
of the case to the Government companies or the Custodian or Custodians, and such Government
companies or the Custodian or Custodians may also, if it is considered necessary so to do, apply to the
Central Government at any time for instructions as to the manner in which the management of the
undertakings of the two companies shall be conducted or in relation to any other matter arising in the
course of such management.
11. 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 the two companies, which have vested in the Central Government
or in Government companies under this Act, and which belong to the two companies, or would have so
belonged, if the undertakings owned by the two companies had not vested in the Central Government or
such Government companies, shall be liable to account for the said assets, books, documents and other
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papers to the Central Government or the Government companies and shall deliver them up to the Central
Government or such Government companies or to such person or persons as the Central Government or
the concerned Government company may specify in this behalf.
(2) The Central Government or the Government companies aforesaid may take or cause to be taken
all necessary steps for securing possession of the undertakings of the two companies which have vested in
the Central Government or the Government companies under this Act.
(3) The two 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 or the Government companies aforesaid shall afford to the two
companies all reasonable facilities.
12. Accounts and audit.—The Custodian or Custodians of the undertakings of either, or both, of the
two companies shall maintain an account of the undertakings of the concerned company or companies in
such form and manner and under such conditions as may be prescribed and the provisions of the
Companies Act, 1956 (1 of 1956), shall apply to the audit of the accounts so maintained as they apply to
the audit of the accounts of a company.