(1) On the vesting of the management of the undertaking in the Corporation, or a new Government company, all persons in charge of the management of the undertaking immediately before such vesting, shall be bound to deliver to the Corporation, or a new Government company, as the case may be, all assets, books of accounts, registers and other documents in their custody 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 a new Government company and the Corporation or such 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.