(1) Notwithstanding anything contained in sections 3, 4 and 6, 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, direct, by notification, that the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings which have vested in the State Government under section 3, shall, instead of continuing to vest in the State Government, vest in that new Government company either on the date of publication of the notification or on such earlier or later date (not being a date earlier than the date of registration of the new Government company) as may be specified in the notification.
(2) Where the right, title and interest of the Company in relation to its undertakings 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 236 The Engel India Machines and Tools Limited (Acquisition and Transfer of Undertakings) Act, 1986.
XXII of 1986.]
(Chapter 111.—Payment of amounts.— Sections 8, 9.)
the rights and liabilites of the State Government 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 the manner specified in Chapter VI an amount of rupees one hundred and three lakhs and thirtyone thousand.