(1) The Government Owned Companies shall be wound up in accordance with the provisions of the Companies Act, 1956 (1 of 1956).
12 THE HIMACHAL PRADESH INFRASTRUCTURE DEVELOMENT ACT, 2001
(2) Subject to the provisions of Companies Act, 1956 (1 of 1956), from such date as the State Government may, by notification in the Official Gazette, appoint,-
(i) all properties and other assets vested in the Government Owned Companies, immediately before such date, shall vest in the Board;
(ii) all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with, or for the Government Owned Companies, immediately before such date, shall be deemed to have been incurred, entered into and engaged to be done by, with or for the Board;
(iii) all non-recurring expenditure incurred by Government Owned Companies up to such date and declared to be capital expenditure by the Government Owned Companies shall, subject to such terms and conditions as may be determined by the Government, be treated as the capital provided by the Government to the Board;
(iv) all sums of money due to the Government Owned Companies, immediately before such date, shall be deemed to be due to the Board;
(v) all suits and other legal proceedings instituted or which could have been instituted by or against the Government Owned Companies, immediately before such date, may be continued or instituted by or against the Board;
(vi) all the employees holding any office under the Government Owned Companies, immediately before such date, shall be treated as employees of the Board and shall hold office in the Board on the same terms and conditions of service which were applicable to them.
(3) If any dispute or doubt arises as to which of the properties, rights or liabilities of the Government Owned Companies transferred to the Board or as to which of the employees serving under the Government Owned Companies are to be treated as employees of the Board, under this section, such dispute or doubt shall be decided by the Government in consultation with the Board and the decision of the Government shall be final.
Explanation.- For the purpose of this Act, the expression "Government Owned Companies" shall mean the Himachal Pradesh Road and Other Infrastructure Development Corporation Limited and Himachal Pradesh Health Systems Corporation Limited incorporated under the Companies Act, 1956 (1 of 1956).