(1) The undertakings of the Company shall be deemed to include—
(a) all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, cheques, demand drafts, reserve funds, investments, book debts and all other 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.
(b) all properties, rights and interests of the Hindustan China Clay Works purported to have been transferred to the Company by the Memorandum of Agreement made on the 2nd day of January, 1973, between the Hindustan China Clay Works and the Company; and
(c) all books of account, registers and all other documents of whatever nature relating to the undertakings mentioned in clauses (a) and (b).
(2) Every mortgagee of any property which has vested under this Act in the 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.
(3) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (2) or any other person holding any charge, lien or other interest in, or in relation 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, from the Government or, where the undertakings of the Company are directed under section 6 to vest in a Government Company, from that Government Company.
(4) Any licence or other instrument granted to the Company in relation to any undertaking which has vested in the Government under section 3 at any time before the appointed day and in force immediately 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 such undertaking, and, on and from the date of vesting of such undertaking under section 6 in a Government Company, such Government Company shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such Government Company and that Government Company shall hold it for the remainder of the period for which the Company would have held it under the terms thereof.
(5) If, on the appointed day, any suit, appeal or other proceeding of 4 whatever nature in relation to any property which has vested in the Government under section 3, instituted or preferred by or against the Company, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of transfer of the undertakings of the Company or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted, or enforced by or against the Government, or where the undertakings of the Company are directed, under section 6, to vest in a Government Company, by or against that Government Company.