(1) On the vesting of the management of the undertaking in Corporation or the new Government company all persons in charge of the management of the undertaking immediately before such vesting, including the liquidator appointed by the Court shall be bound to deliver to the Corporation, or new Government company, as the case may be, all assets, books of account, registers and other documents in their possession or custody or under their control, relating to the undertaking.
(2) The State Government may issue such directions as it may deem desirable in the circumstances of the case to the Corporation or new Government company, and such corporation or new Government Company may also, if it is considered necessary so to do, apply to the State Government at any time for instructions as to the manner in which the management of the undertaking shall be conducted or in relation to any other matter arising in the course of such management.