(1) On the appointed day, all shares of the Company other than the shares already held by the Government or its nominees in the Company shall, by virtue of this Act, stand transferred to, and vested in the State Government.
(2) The State Government shall he deemed on and from the appointed day, to have been registered in the Register of members of the Company as the holder of each share which stands transferred to, and vested in it by virtue of the provisions of sub-section (1).
(2) All the shares which have vested in the State Government under sub-section (1), shall by force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other emcumhrances affecting them, and any attachment injunction or any decree or order of the court, tribunal or Other authority restricting the use of such shares in any manner, shall be deemed to have been withdrawn
(4) For the removal of doubts, it is hereby declared that the provision of sub-sections (1) and (2) shall not be deemed to affect
(a) any right of the Company subsisting immediately before the appointed day, against any shareholder to recover from such shareholder any sum of money on the ground that the shareholder has not paid or credited to the Company the whole or any part of the value of the shares held by him, or any other ground whatsoever, or
(b) any right of the shareholder subsisting, immediately before the appointed day against this Company to receive any divident or other payment due from the Company.
Interim Management