7. Power of Central Government to direct vesting rights in a Government company.-
(1) Notwithstanding anything contained in sections 4 to 6 (both inclusive), the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by an order in writing, that the right, title and interest of an owner in relation to a coking coal mine or coke oven plant referred to, respectively, in section 4 or section 5 shall, instead of continuing to vest in the Central Government, vest in the Government company either on the date of publication of the direction or on such earlier or later date (not being a date earlier than the appointed day), as may be specified in the direction.
(2) Where the right, title and interest of an owner in relation to a coking coal mine or coke oven plant vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become-
(a) the lessee in relation to such coking coal mine as if a mining lease in relation to such coking coal mine had been granted to the Government company under the Mineral Concession Rules, the period of such lease being the entire period for which such lease could have been granted under those Rules;
(b) the owner of the coke oven plant, and all the rights and liabilities of the Central Government in relation to such coking coal mine or coke oven plant shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Government company.
(3) The provisions of sub-section (2) of section 6 shall apply to a lease which vests in a Government company as they apply to a lease vested in the Central Government and, reference therein to the Central Government shall be construed as reference to the Government company.
1. Section 5 re-numbered as sub-section (1) thereof by Act 41 of 1973, s. 3 (w.e.f. 1-5-1972).
2. Ins. by s. 3, ibid. (w.e.f. 1-5-1972).
3. Subs. by Act 57 of 1986, s. 3, for "as if a mining lease" (w.e.f. 1-5-1972).
4. Subs. by s. 3, ibid., for "being the entire period" (w.e.f. 1-5-1972).
5. The words ", on the same terms and conditions on which the lease was held on the appointed day" omitted by s. 3, ibid., (w.e.f. 1-5-1972).