(1) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title, interest and liabilities in relation to which have vested in the Government under section 3, shall,—
(a) where a direction has been made by the Government under subsection (1) of section 6, vest in the Government Company specified in such direction; or
(b) where no such direction has been made by the Government, vest in a Custodian appointed by the Government under sub-section (2), and thereupon the Government Company or the Custodian, 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 the Company is authorised to exercise and do in relation to its undertakings.
(2) The Government may appoint any individual or body of persons as Custodian of the undertakings of the Company in relation to which no direction has been made by them under sub-section (1) of section 6.
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(3) The Custodian shall receive, from the funds of the undertakings of the Company, such remuneration as the Government may fix and shall hold office during the pleasure of the Government.
(4) Notwithstanding anything contained in sub-sections (1) and (2), where any undertaking has been specified in a notification under sub-section (1) of section 6, the Custodian shall not be entitled to exercise any power or to do any other thing in relation to such undertaking.