(1) Notwithstanding anything contained in sections 3, 4 and 5, the State Government may by order in writing direct that the undertaking of the company together with all its properties and assets, specified in sub-section (1) of section 4, shall, instead of continuing to vest in the State Government, vest in such corporation owned or controlled by the State Government (hereinafter referred to as the corporation) and on such date, as may be specified in the direction.
(2) Where an order vesting the undertaking of the company in a corporation is made under sub-section (1), all the rights, liabilities and obligations of the State Government in relation to the undertaking of the company Shall, on and from the date of such vesting, be deemed to have become the rights, liabilities and obligations, respectively, of such Corporation.
(3) The corporation shall, for the purpose of management and administration of the undertaking of the company, act in accordance with such direction, if any, as may be issued by the State Government in this behalf.
(4) The corporation may also apply to the State Government at any time for instructions as to the manner in which the management of the undertaking of the company or in relation to any matter arising in the course of such management shall be conducted.