(1) Notwithstanding anything contained in sections 3 and 4, where the undertakings of the Company have been directed under subsection (1) of section 6 to vest in an existing Government company, the State Government may, if it is satisfied that a new Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company, and on the issue of such declaration, the right, title and interest of the Company in relation to its undertakings which had been directed under sub-section (1) of section 6 to vest in an existing Government company, shall, instead of continuing to vest in that existing Government company, vest in that new Government company with effect from the date on which such declaration is made.
296 The Eastern Distilleries (Private) Limited (Acquisition and Transfer of Undertakings) Act, 1983.
XLIV of 1983.]
(Chapter III.—Payment of amounts.—Sections 8, 9.)
(2) Where the right, title and interest of the existing Government company in relation to the undertakings of the Company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the existing Government company in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that new Government company.
CHAPTER III Payment of amounts
8. For the transfer to, and vesting in, the State Government, under Payment of section 3, of the undertakings of the Company and the right, title and amount.
interest of the Company in relation to its undertakings, there shall be given by the State Government to the Company, in cash, and in the manner specified in Chapter VI, an amount of rupees seven lakhs and sixty-two thousand.