10. 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 given by the Central Government under sub-section (1) of
section 6, vest on and from the date specified in such direction, in the existing Government company
specified therein; or
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(b) where a declaration has been made under sub-section (1) of section 7, vest, on and from the
date of such declaration, in the new Government company specified therein;
and thereupon the existing, or new, Government company so specified, 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.
11. Duty of persons in charge of management of 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 an
existing, or a new, Government company, all persons in charge of the management of the undertakings of
either of the two companies immediately before such vesting shall be bound to deliver to such
Government company, all assets, books of account, registers and 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 existing, or new, Government company and such Government company 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.
12. 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 the undertakings owned by either of the two companies, which have vested in the Central
Government or in an existing, or a new, Government company under this Act, shall be liable to account
for the said assets, books, documents and other papers to the Central Government or the existing, or new,
Government company, as the case may be, and shall deliver them to the Central Government or the
existing, or new, Government company or to such person or persons as the Central Government or the
existing, or new, Government company may specify in this behalf.
(2) The Central Government or the Government company 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 company 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 company aforesaid shall afford to the two
companies all reasonable facilities.