The Air Corporations (Transfer of Undertakings and Repeal) Act, 1994

5. Licences, etc., to be deemed to have been granted to companies.-

With effect from the appointed day, all licences, permits, quotas and exemptions granted to a corporation in connection with the affairs and business of that corporation under any law for the time being in force, shall be deemed to have been granted to the company in which the undertaking of that corporation has vested.