(1) Notwithstanding anything contained in section 7, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by an order in writing, that the undertaking of the Metal Corporation and the right, title and interest of the Metal Corporation in relation to such undertaking shall, instead of continuing to vest in the Central Government, vest in the Government company either on the date of publication of the direction or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the direction.
Power of Central Government to direct vesting of the undertaking of the Metal Corporation in a Government company.
(2) Where the right, title and interest of the Metal Corporation in relation to its undertaking vest in a Government company under subsection (1), the Government company shall, on and from the date of such vesting, be deemed to have become the lessee in relation to the mines of which the Metal Corporation was the lessee as if a mining lease in respect of such mines had been granted to the Government company, and the period of such lease shall be the entire period for which such lease could have been granted under the Mineral Concession: Rules; and all the rights and liabilities of the Central Government in relation to such mines shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Government company.
(3) The provisions of sub-section (2) of section 8 shall apply to a lease which vests in a Government company as they apply to a lease which has vested in the Central Government and any reference therein to the Central Government shall be construed as a reference to the Government company.
<4) Any reference hereafter in this Ordinance to the Government company shall be construed as a reference to the Government company in which the right, title and interest of the Metal Corporation in relation to its undertaking have vested in pursuance of a direction made under sub-section (1).
CHAPTER IV PAYMENT OF AMOUNTS 10 For the deprivation of the Metal Corporation of the management of its undertaking, there shall be given to the Metal Corporation by the CentrarGovernment, an amount, calculated at the rate of rupees eleven lakh and Thirty-nine thousand per annum, for the period commencing on the date o/commencement of this Ordinance and ending on the appointed day.
Payment of amount for deprivation of management.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 975
11. For the transfer to, and vesting in, the Central Government, under section 7, of the right, title and interest of the Metal Corporation in relation to its undertaking, there shall be given by the Central Government to the Metal Corporation, in cash, an amount of rupees one crore and ninety-lakhs.
Payment of amount for ac_ quisition of the undertaking.
Time of payment.
1& (-0 The amount determined under section 10 and the amount payable under section 11 shall be given by the Central Government to the Metal Corporation before the expiry of a period of three months from the appointed day (hereafter referred to as the specified period).
(2) The amount referred to in sub-section (1) shall carry simple interest at the rate of four per cent, per annum, for the period commencing on the date of expiry of the specified period and ending on the date on which payment of such amount is made by the Central Govern' ment to the Metal Corporation:
Provided that no interest shall run from the date on which the amount is tendered to the Metal Corporation if the amount so tendered is not accepted by it.
CHAPTER V MANAGEMENT, ETC., OF THE UNDERTAKING OF THE METAL CORPORATION
13. The general superintendence, direction, control and management of the affairs and business of the undertaking of the Metal Corporation, the right, title and interest in relation to which have vested in the Central Government under section 7, shall vest in the Government company specified in the direction made under sub-section (2) of section 9, and. thereupon the Government company shall be entitled to exercise all such powers and do all such things as the Metal Corporation is authorised to exercise and do in relation to its undertaking.
Management, etc., of the undertaking.
CHAPTER VI PROVISIONS RELATING TO EMPLOYEES OF THE METAL CORPORATION