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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.



Hind Cycles Ltd. and Sen-Raleigh Ltd. (Nationalisation) Act, 1980 Back




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