(1) In respect of the undertaking of a company vesting in the Government under this Act, the company shall, within two months from the vesting date or such further period as the Government may allow in this behalf, furnish to the Government,-
(a) particulars of the book debts and investments belonging to and all liabilities and obligations of the company subsisting immediately before the vesting date; and
(b) particulars of all agreements entered into by the company and in force on the vesting date including any agreements whether express or implied relating to leave, pension, gratuity and other terms of service of any officer or other employee of the company under which by virtue of this Act the Government has or will or may have liabilities or obligations and for this purpose the Government shall afford the company all reasonable facilities.
(2) If the company fails to supply to the Government particulars of book debts, liabilities and agreement within the time allowed to it for the purpose under sub-section
(1), nothing contained in this Act shall have effect so as to transfer any such book debts, liabilities and agreements or to vest the same in the Government:
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Provided that nothing in this sub-section shall apply to any agreement if any party to such agreement supplies to the Government, particulars of the agreements within two months from the vesting date and the Government, within a period of six months after such submission of particulars accept the liabilities under the agreement.
(2) The Government may, by notice in writing within a period of six months after submission of the particulars referred to under sub-section (1) intimate to the company that such book debts and investments as are specified in the notice are not included in the property vesting in the Government, whereupon the amount provided by section 5 shall stand reduced by the amount of such excluded book debts and investments and the right of the company to recover and retain such excluded book debts shall remain unaffected by this Act.