(1) On the appointed day or immediately thereafter, the State Government or any officer or officers authorised in that behalf by the Government shall be entitled to take over all assets, books of accounts, registers and also documents relating to the Company from the persons in charge of management of the Company immediately before the vesting the shares and all such person should be bound to deliver the same to the State Government or the officer or officers authorised in that behalf and said officer or officers, for that purpose, shall be entitled to take help and assistance of other officers of the State Government as may be considered necessary.
(2) The State Government, or the officer or officers authorised under sub-section (1), subject to the control and direction of the State Government, shall be entitled to run the affairs of the Company by taking all necessary steps in that behalf until all necessary steps are taken under the provisions of the companies Act, 1956 relating to the Company.
(3) Any officer or officers authorised by the State Government under sub-section (1) shall be deemed to be public servants within the meaning of section 21 of the Indian Penal Code.
(4) The State Government may from time to time issue such directions by general or special order as may be considered necessary to exercise effectively the powers under sub-sections (1) and
(2) above, including opening of account with Banks in the name of the Company, Operation thereof any giving of all necessary directions and respect of the existing accounts in the name of the Company with Banks and other Financial Institutions including operation thereof.
Payment of Amount