Lawgist12Duty 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 Company, which has vested in the Central Government or in an existing, or a new, Government company under this Act, and which belongs to the Company, or would have so belonged, if the undertakings owned by the Company had not vested in the Central Government or such Government company, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the Government company and shall deliver them up to the Central Government or such Government company or to such person or body of persons as the Central Government or the Government company 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 Company which have vested in it under section 3.
(3) The Company shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its property 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 existing, or new, Government company shall afford to the Company all reasonable facilities.
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- 1 Short title and commencement
- 2 Definitions
- 3 Transfer to, and vesting in, the Central Government of the undertakings of the Company
- 4 General effect of vesting
- 5 Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
- 6 Transfer of undertakings of the Company from an existing Government company to a new Government company
- 7 Company to be liable for certain prior liabilities
- 8 Payment of amount
- 9 Payment of further amount
- 10 Management, etc., of the undertakings of the Company
- 11 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
- 12 Duty of persons to account for assets, etc., in their possession
- 13 Continuance of employees
- 14 Provident fund and other funds
- 15 Appointment of Commissioner of Payments
- 16 Payment by the Central Government to the Commissioner
- 17 Certain powers of the Central Government or Government company
- 18 Claims to be made to the Commissioner
- 19 Priority of claims
- 20 Examination of claims
- 21 Admission or rejection of claims
- 22 Disbursement of money by the Commissioner
- 23 Disbursement of amounts to the Company
- 24 Undisbursed or unclaimed amount to be deposited with the general revenue account
- 25 Act to have overriding effect
- 26 Assumption of liability
- 27 Management to continue to vest in the Custodian until alternative arrangements have been made
- 28 Contracts to cease to have effect unless ratified by the Central Government or the Government company
- 29 Penalties
- 30 Offences by companies
- 31 Protection of action taken in good faith
- 32 Delegation of powers
- 33 Power to make rules
- 34 Power to remove difficulties
- 35 Repeal and saving
