(7) Notwithstanding anything contained in sections 3, 4 and 6, the Central Government may, il 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 notification, that the undertakings of the Company, and the right, title aivd interest of the Company in lelation to its undertakings, which have vested in the Central Government under section1 3 and thereafter in the BratHhwaite and Company Limited, under section 6, shall, instead of continuing to vest in the Braithwaite and Company Limited, vest in the Government company either on the date of the noiification or on such earlier or later date fnot beinfg a date earlier than the1 appointed day) as may be specified m the notification.
(2) Where the right, title and mterest of the Company m lelation to Us utfdertak'ngs vest in a Government company under sub-section (1) , the Government company shall, on and from the date of such vestmg, be deemed to have become the ownei m relation to such undertakings, and all the rights and liabilities of the Central Government or the Braithwaite and Company Limited in relation to such undertakings shall, on1 and from SEC. I] THE GAZETTE OF INDIA : EXTRAORDINARY 375 the date ot such vesting, be deemed to have become the rights and liabilities, respectively, of the Government company
CHAPTER III PAYMENT OF AMOUNTS 8 For the tiansfei to, and vesting in, the Central Government, undei £ section 3, of the undertakings of the Company and the right, title and interest of the Company m relation to its undertakings, there shall be given by the Central Government to the Company, in cash, and in the manner specified in Chapter VI, an amount of rupees one hundred and seventy-six lakhs.
9. U) For the deprivation of the Company of the management of its j?
underiakings, there shall be given to the Company by the Central Government an amount calculated at the rate of rupees fifty thousand per arvnum for the period commencing on the date on which the management of the undertakings of the Company was taken over by the Central Government and ending on the appointed day.
(2) In consideration of the retrospective opeiation oL the provisions of sections 3, 4 and 5, there shall also be given, in cash, by the Cential Government to the Company, an amount equal to an amount calculated it the rate of rupees filly thousand per annum foi the period commencing on the appointed day and eniiing on the date of promulgation of this Ordinance {3) The amount specified in section 8 and the amount determined under sub-sections (V) and (2) shall carry simple interest at the rate of four per cent, per annum for the period commencing on the date of promulgation ot this Ordinance arvd ending on the date on which payment of such amounts is made by the Centra] Government to the Commissioner.
(4) The amounts determined in accordance with the provisions ot sub-scctionr ( / ) , (2) and (3) shall be given by the Central Government to the Company in addition to the amount specified in section 8
(5) For the removal of doubts, it ,is heieby declared that the liabilities of the Company, in relation to its undertakings which have vested in the Central Government under section 3, shall be discharged from the amounts referred to in section 8, and also from the amounts determined under subsections (7) , (2) and (3) in accordance with the rights and inteicsts of the creditors of the Company.
I
CHAPTER IV MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE COMPANY 10 ( / ) The Braithwaite and Company Limited in which the under- J takings of the Company and the right, title and interest of the Company in i relation to its undertakings vested undei section 6 shall be entitled to ' exercise all such powers and do all such things as the Company is authorised to exercise and do in relation to its undertakings.
(2) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested, under section 3, in' the Central Government and under section 6, in the Braithwaite and Company Limited shall, where a direction has been made by the Central Government under sub-section (1) of section 7, vest in the Government company specified in such direction1, and thereupon the Government company so specified shall be entitled to exercise all such powers and do all such things as the Company is authorised to CXCILISC and do m ielation to Us undertakings.
11. ( / ) On the vesting of the management ol the undertakings of the Company in the Braithwaite and Company Limited, all peisons in charge Payment of amount.
Payment of iurthtr amount Management, etc, of the uncle ilakuiKs of the Company.
Duty of persons in charge of management of 376 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II— the undertakings of the Compan to deliver AI assets, etc Employment of certain employees to continue Provident fund and other funds, of the management of the undertakings of the Company immediately before [ such vesting shall be bound to dehver to the Braithwaite and Company Limited all assets, books of account, registers or other documents in thencustody relating to the undertakings of such Company.
(2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Braithwaite and Company Limited as to its poweis and duties and the Braithwaite and Company Limited may also, if it so desires, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the Company shall be conducted by it or m relation to any other matter arising in the course of such management.
(3) On the vesting of the management of the undertakings of the Company in a Government company, the provisions of sub-sections (1) and (2) shall apply to, or nv relation to, the Government company as they apply to, or in relation to, the Braithwaite and Company Limited, subject to the modification that the references to the Braithwaite and Company Limited shall be construed as relerences to the Government company.
CHAPTER V PROVISIONS RELATING TO THE EMPLOYEES OF THE COMPANY