(1) OK the vesting of the management of the undertakings of the:
Company in a Government company or on the appointment of a Custodian, all1 persons in charge of the management of the undertakings of the Company immediately betore such vesting or appointment, shall be bound to deliver to the Government company or the Custodian, as the case may be, all assets,:
books of account, registers or other documents in their custody relating to the undertakings of the Company.
(2) 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 as to its or his powers and duties and the Government company or Custodian may also, if it or he so desires, 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 by it or him or in relation to any other mattei arising in the course of such management.
(^) The Custodian 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 Government.
11. The Custodian of the undertakings of the Company shall maintain the accounts of the undertakings of the Company in such form and in such manner and under such conditions as may be prescribed 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 EMPLOYEES OF THE COMPANY