(1) For the transfer to, and vesting in, the Central Government, Payment under section 3, of the undertakings of the Company, and the right, title of amount, and interest of the Company in relation to such undertakings, there shall be given by the Central Government to the Company In cash and in the manner specified in Chapter VI, an amount of rupeec ten crepes ^ 3 four lakhs,
(2) For the removal of doubts, It is hereby declared that the <li»bUitteB of -the Company, In relation to <its undertakings, shall be met; .to accord* ance with the.-rights and Interests of the creditors aj the Company, 4TOK1 the amount due to the Company under sub-section (1), 212 THE GAZETTE OF INUIA EXTRAORDINARY [PART II - Payment 9 ^) For the deprivation of the Company of the management of the amountCr undertakings owned by It, there shall be given, by the Central Government, to the Company, In addition to the amount specified in section 8, an amount computed at the rate of ten thousand rupees per annum for the period commencing from the date on which the management of the undertakings of the Company was taken over in pursuance of the Order made by the Central Government under section 18AA of the Industries (Development and Regulation) Act, 1951, and ending on the appointed 05 Of 1951.
day.
(2) The amount specified in sect'en 8 and the amount computed in accordance with the provisions of sub-section (1) shall carry simple interest at the rate of four per cent, per annum for the period commencing on the appointed day and ending on the date on which the payment of the amount is made by rht. Central Government to the Commissioner.
(3) The amounts determined in accordance with the provisions of subsections (1) and (2) shall be given to the Company In addition to the amount specified in section 8.
CHAPTER IV MANAtiEMENT, ETC., OF THE UNDEFTAKINGS OF THE COMPANY Manage- IQ (j) The general superintendence, direction, control and management, ment of the affairs and business of the undertakings owned by the th ' ° Company, the right, title and interest in relation to which have vested undertak- in the Central Government under section 3, shall— t h e (a) where a direction has been made by the Central Government Company. under subjection (1) of section 5, vest, on and from the date specified in such direction, in the existing Government company specified therein; or
(fa) where a declaration has been made under sub-section (1) of section 6, vest, on and from the date of such declaration, in the new Government company specified therein; or
(c) where no direction referred to in clause (a) or declaration referred to in clause (b) has been made, vest, on and from the appointed day, in one or more Custodians appointed by the Central Government under subjection (2), and thereupon the existing or new Government company 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 is authorised to exercise and do In relation to the undertakings owned by it.
(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 under sub-Bectlon (1) of section 5 or ho declaration has been made under subjection <I) of section 6, and the Custodian or Custodians so appointed shall receive, from the funds of the undertakings, such, remuneration a* »ay t» specified by the Central Government SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 213
(3) The Custodian or Custodians of the undertakings of the Company shall maintain an account of the undertakings of the Company in such form and manner and under such conditions as may be prescribed, and 1 of 1956. t n e 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.