(1) Any person who has on the appointed day, in his possession or custody or under his control, any assets, books, documents or other papers relating to the undertaking, which have vested in the State government or in the Corporation, or in the new Government company under this Act, shall be liable to account for the said assets, books, Duty of persons in charge of management of undertaking to deliver all assets, etc.
Duty of person to account for assets, etc., in their possession.
8 Central India Spinning, Weaving and Manufacturing [1986 : Mah.XLVI Company Limited, The Empress Mills, Nagpur (Acquisition and Transfer of Undertaking) Act, 1986.
documants and other papers to the State Government, or the Corporation or the new Government company, as the case may be, and shall deliver them to the State Government or the Corporation or the new Government company or to such person or persons as the State Government or the Corporation or the new Government company may specify in this behalf.
(2) The State Government or the Corporation or the new Government company aforesaid may take, or cause to be taken, all necessary steps for securing posession of the undertaking which has vested in the State Government or the Corporation or the new Government company under this Act.
(3) The proprietors shall, within such period as the State Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertaking which has vested in the State Government under sub-section (1) of section 3 and in the Corporation, by virtue of the provisions of sub-section (2) of that section, or the new Government company and, for this purpose the State Government or the Corporation or the new Government company shall afford to the proprietors all reasonable facitities.
CHAPTER V PROVISIONS RELATING TO EMOLOYEES OF THE PROPRIETORS