(1) The amount specified in section 7 shall carry simple interest p a y m e n t at the rate of four per cent, per annum for the period commencing on. of further the appointed day and ending on the date on which payment of such amount, amount is made by the Central Government to the Commissioner.
(2) The amount determined in accordance with the provisions of sub-section (I) shall be paid by the Central Government to the Company in addition to the amount specified in section 7.
(3) Far the removal of doubts, it is hereby declared that the liabilities of the Company, in relation to its undertakings which have vested in the Central Government under section 3, shall be discharged from the amount referred to in section 7, and also from the amount determined under sub-section (1) in accordance with the rights and interests of the creditors of the Company.
CHAPTER IV MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE COMPANY
9. (J) The general superintendence, direction, control and manage- Manage_ ment of the affairs and business of the undertakings of the Company, ment, etc., the right, title and interest in relation to which have vested in of the the Central Government under section 3, shall,— undertakings of
(a) where a direction has been made by the Central Govern- e ° ment 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 Central Government, vest in one or more Custodians appointed by the Central Government under sub-section (2), and thereupon the Government company so specified or the Custodian or Custodians so appointed, 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 was authorised to exercise and do in relation to its undertakings.
4$6 THE GAZETTE OF INDIA EX'fRAORDIKfAftY L̂ ART tl—
(2) The Central Government may appoint one or more individuals or a Government company as the Custodian or Custodians of the undertakings of the Company in relation to which no direction has been made by it tinder sub-section (1) of section 6.
Duty to 10. (1) Notwithstanding any judgment, decree or order of any court, deliver tribunal or other authority or anything contained in any law for the time of the being in force, the Official Liquidator of the Company or any other person, undertak- in whose possession or custody or under whose control the undertakings ings of of the Company or any part thereof may be, shall forthwith deliver pos- ^ e session of the undertakings of the Company or any part thereof to the and P a n y ^ e n t r a l Government, or where the undertakings of the Company are documents vested under -section 6 in a Government company, to that company, relating thereto. (2) On the vesting of the management of the undertakings of the Company in a Government company or on the appointment of the Custodian or Custodians, the Official Liquidator of the Company or any other person who has, on the appointed day, in his possession or custody or under his control any books, documents or other papers relating to the undertakings of the Company immediately before such vesting or appointment, shall be bound to deliver the said books, documents or other papers to the Government company or the Custodian or Custodians or to such person as the Central Government or the Government company, as the case may be, may specify in this behalf.
(3) The Central Government may take or cause to be taken all necessary steps for securing possession of the undertakings which have vested in it under section 3.
(4) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Government company or the Custodian or Custodians and such Government company, Custodial or Custodians may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the Company shall be conducted or in relation to any other matter arising in the course of such management.
(5) The Custodian or Custodians shall receive from the funds of the undertakings of the Company such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
Duty to U- CO The Company shall, within such period as the Central Govfurnish ernment may allow in this behalf, furnish to that Government or to the particulars Government company a complete inventory of all the properties and assets of the Company as on the appointed day pertaining to the undertakings which have vested in the Central Government or the Government company, as the case may be.
(2) So much of the obligation of the Company under sub-section
(1) a-3 relates to the properties and assets of the Company in the possession, custody or control of the Official Liquidator of the Company shall be discharged by him.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 487
12. The Custodian or Custodians of the undertakings of the Company Accounts shall maintain an account of the undertakings of the Company in such a n ^ form and manner and subject to such conditions as may be prescribed 1 of 1956. and the provisions of the Companies Act, 1956, shall apply to the audit of the accounts so maintained as they apply to the audit of the accounts of a company.
CHAPTER V PROVISIONS RELATING TO THE EMPLOYEES OF THE COMPANY