(1) For the deprivation of the two companies of the management of Payment their undertakings, there shall be given by the Central Government to of f u r t ' i e r each of the companies in cash, an amount calculated at the rate specified against the name of each such company in the Second Schedule for the •period commencing on the date on which the management of the undertakings of the said companies were taken over in pursuance of the orders made by the Central Government under the provisions of the Industries 65 of 1951. (Development and Regulation) Act, 1951 and ending on the appointed day.
(2) The amount specified in section 7 and the amount calculated in accordance with the provisions of sub-section (1) shall carry simple interest at the rate of four per cent, per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.
(3) The amounts determined in accordance with the provisions of sub-sections (1) and (2) shall be given by the Central Government to the two companies in addition to the amount specified in the First Schedule.
^06 THE GAZETTE OF INDIA EXTRAORDINARY L^ART ll—
CHAPTER IV MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE TWO COMPANIES Manage- 9. (i) The general superintendence, direction, control and management, etc., m e n t of the affairs and business of the undertakings of each of the two ^ n d l h e companies, the right, title and interest in relation to which have vested takings of i n the Central Government under section 3, shall,— the two ^ w h e r e a direction has been made by the Central Government companies. under sub-section (1) of section 6, vest in the Government company specified in such direction; or
(o) where no such direction has been made by the Central Government, vest in one or more Custodians appointed by the Central Government under sub-section (2), and thereupon the Government company so specified or the Custodian or Custodians so appointed, as the case may be, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as either, or both, of the two companies is, or are, authorised to exercise and do in relation to its or their undertakings.
(2) The Central Government may appoint one or more individuals or a Government company as the Custodian or Custodians of the undertakings of either, or both, of the two companies in relation to which no direction has been made by it under sub-section (1) of section 6.
(3) The Custodian or Custodians so appointed shall receive, from the funds of the undertakings of the two companies, such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
£ , „ 10. (1) On the vesting of the management of the undertakings of the persons two companies in Government companies or on the appointment of a in chaxge Custodian or Custodians, all persons in charge of the management of of the undertakings of either of the two companies immediately before manage. such vesting or appointment, shall be bound to deliver to the concerned t n e Government company or the Custodian or Custodians, as the case may under- be, all assets, books of account, registers or other documents in their takinga custody relating to the undertakings of such company, of the two com- (2) The Central Government may issue such directions as it may panies deem desirable in the circumstances of the case to the Government comto deliver panies or the Custodian or Custodians, and such Government companies * t s or the Custodian or Custodians may also, if it is considered necessary so e t c ' 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.
Duty of 11. (1) Any person who has, on the appointed day, in his possession persona or under his control any assets, books, documents or other papers relato account y n g t o a n v undertaking owned by the two companies, which have.
e t c j ' vested in the Central Government or in Government companies under their this Ordinance, and which belong to the two companies, or would have so posses- belonged, if the undertakings owned by the two companies had not sion. vested in the Central Government or such Government companies, shall be liable to account for the said assets, books, documents and other SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 507 papers to the Central Government or the Government companies and shall deliver them up to the Central Government or such Government companies or to such person or persons as the Central Government or the concerned Government company may specify in this behalf.
(2) The Central Government or the Government companies aforesaid may take or cause to be taken all necessary steps for securing possession of the undertakings of the two companies which have vested in the Central Government or the Government companies under this Ordinance.
(3) The two companies shall within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under section 3, and, for this purpose, the Central Government or the Government companies aforesaid shall afford to the two companies all reasonable facilities.
12. The Custodian or Custodians of the undertakings of either, or Audit both, of the two companies shall maintain an account of the undertakings a n d of the concerned company or companies in such form and manner and cc u n "' under such conditions as may be prescribed and the provisions of the 1 0" 1956. Companies Act, 1956, shall apply to the audit of the account so maintained as they apply to the audit of the accounts of a company.
CHAPTER V PROVISIONS RELATING TO EMPLOYEES OF THE TWO COMPANIES 13, (1) Every person who has been, immediately before the appointed Contiday, employed in any undertaking of either of the two companies shall nuance of become,— c™~ ployees,
(a) on and from the appointed day, an employee of the Central Government, and
(b) where the undertakings of the two companies are directed, under sub-section (1) of section 6, to vest in Government companies, an employee of the concerned Government company on and from the date of such vesting or transfer, and shall hold office or service under the Central Government or the concerned Government company, as the case may be, with the same rights and privileges as to pension, gratuity and other matters as would have been admissible to him if there had been no such vesting and shall continue to do so unless and until his employment under the Central Government or the concerned Government company, as the case may be, is duly terminated or until his remuneration and other conditions of service are duly altered by the Central Government, or the concerned Government company, as the case may be.
(2) Notwithstanding anything contained in the Industrial Disputes 14 of 1947, Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other person, employed in any undertaking of either of the two companies, to the Central Government or the Government companies, shall not entitle such officer or other employee to any compensation under this Ordinance or any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
5o8 THR GAZETTE OF FNDIA EXTRAORDINARY [PAKT II— Provident J4 ^ Where either of the two companies has established a provident fund and £un^ superannuation, welfare or other fund for the benefit of the persons funds employed in any of its undertakings, the moneys relatable to the officers or other employees whose services have become transferred by or under this Ordinance to the Central Government or a Government company shall, out of the moneys standing, on the appointed day, to the credit of such provident fund, superannuation, welfare or other fund, stand transferred to, and vest in, the Central Government or the Government company, as the case may be.
(2) The moneys which stand transferred under sub-section (1) to the Central Government or thn Government company, as the case may be, shall be dealt with by that Government or Government company in such manner as may be prescribed.
CHAPTER VI COMMISSIONER OF PAYMENTS Appoint- 15, (1) The Central Government shall, for the purpose of disbursing ment of ^ e a r n o u n ^ payable under sections 7 and 8 to each of the two companies, ssioner ^y notification, appoint a Commissioner of Piyments.
of Pay. ^) The Central Government may appoint such other persons as it may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Ordinance and different persons may be authorised to exercise different powers,
(3) Any person authorised' by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as if they have been conferred on that person directly by this Ordinance and not by way of authorisation.
(4) The salaries and allowances of the Commissioner and other persons appointed under this section shall be defrayed out of the Consolidated Fund of India.
Payment 16. (1) The Central Government shall, within thirty days from the by the specified date, pay in cash to the Commissioner, for payment to each of Central t h e t W Q c o m p a n i e s Government t o (a) an amount equal to the amount specified against the name of e . each such company in the First Schedule; and s l0ne r- (b) an amount equal to the amount payable to each of the two companies under section 8.
(2) A deposit account shall be opened by the Central Government in favour of the Commissioner in the Public Account of India and every amount paid under this Ordinance to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) Separate records shall be maintained by the Commissioner in respect of the undertakings of each of the two companies in relation to which payments have been made to him under thie Ordinance, SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 509
(4) Interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the two companies.