(7) The Ganesh Flour Mills shall be deemed to include all assets, rights, lease-holds, powers, authorises and privileges, and all property, mdvable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve funds, investments and book debts pertaining to the Ganesh Flour Mills and all sfher rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the Company in relation to the Ganesh Flour Mills, whether within or outside India, and all books of account, registers and other dscuments of whatever nature relating thereto.
General effect of vesting.
(2) All properties as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other jncumbrances affecting them, and any attachment, injunction or decree or order sf any court or other authority, restricting the use of such properties in any manner or appointing any receiver in respect of the whole or any part of such properties shall be deemed to have been withdrawn.
(3) Every mortgagee of any property which has vested under this Ordinance in the Central Government and every person holding any charge, lien or other interest in, or in relation to, any such property shall give, within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, charge, lien or other interest.
(4) For the removal o[ doubts, it is hereby declared that the mortgagee of any property referred to in sub-seciion (3) or any other person holding any charge, lien or other interest in, or in relatian to, any such property shall be entitled to claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of amounts specified in section 7, but not such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government.
4 THE GAZETTE OF INDIA EXTRAORDINARY [PART *—
(5) Any licence or other instrument granted to the Company in relation to the Ganesh Flour Mills which has vested in the Central Government under section 3 at any time before the appointed day and in force immeditely before that day shall continue to be in force on and after such day in accordance with its tenor in relation to, and for the purposes of, the Ganesh Flour Mills and, on and from the date of vesting of the Ganesh Flour Mills under section 5 in a Government company, that Government company shall be deemed fa be substituted in such licence or other instrument as if such licence or other instrument had been granted to that Government company and that Government company shall hold it for the remainder of the period far which the Company to which it was granted would have held it under the terms thereof.
(6) If, on the appointed day, any suit, appeal or other proceeding of what^ ever nature instituted or preferred by or against the Company, in relation to the Ganesh Flour Mills, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the Ganesh Flour Mills or of anything contained in this Ordinance, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government or, where the Ganesh Flour Mills vest in a Government comnanv under section 5. bv or against the Government company.
5. Q) Notwithstanding anything contained in sections 3 and 4, 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 flf to impose, direct, by notification, that the Ganesh Flour Mills and the right, title and interest of the Company in relation to the Ganesh Flour Mills which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government, vest in that Government company cither on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
Power of Central Government to direct vest- Ing of the Ganesh Flour Mills In a Govern ment company.
(2) Where the right, title and interest in relation to the Ganesh Flour Mills 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 the owner of the Ganesh Flour Mills and all the rights and liabilities of the Central Government in relation to the Ganesh Flour Mills shall, on and from the date of such vesting, be deemed to have been the rights and liabilities, respectively of the Government company,