(1) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Company, the right, title and interest in relation to which have vested in the State Government under section 3, shall,—
(a) where a direction has been given by the State Government under sub-section (1) of section 6, vest, on and from the date specified in such direction, in the existing Government company specified therein; or
(b) where a declaration has been made under sub-section (1) of section 7, 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 under clause (b) has been given or made, vest in one or more Custodians appointed by the State Government under subsection (2), and thereupon the existing, or new, Government company so specified 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 its undertakings.
(2) The State 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-section (1) of section 6 or no declaration has been made by it under sub-section (1) of section 7.
(3) The Custodian or Custodians so appointed shall receive from the funds of the undertakings of Company such remuneration as the State Government may fix and hold office during the pleasure of the State Government.
210 The Saraswaty Press Limited (Acquisition and Transfer of Undertakings) Act, 1984.
XXXIII of 1984.]
(Chapter IV.—Management, etc., of the undertakings of the Company.—Section 11.)
11. ( I) On the vesting of the management of the undertakings of the Company in an existing, or a new, Government company or on the appointment of a Custodian or Custodians, all persons in charge of the management of the undertakings of the Company immediately before such vesting or appointment shall be bound to deliver to such Government company, or Custodian or Custodians, as the case may be, all assets, books of account, registers and other documents in their custody relating to the undertakings of such Company.
(2) The State. Government may issue such directions as it may deem desirable in the circumstances of the case to the existing, or new, Government company or the Custodian or Custodians as to the powers and duties of such Government company or Custodian or Custodians, and such Government company or Custodian or Custodians may also, if it is considered necessary so to do, apply to the State Government at any time for instructions as to the manner in which the management of the undertakings of the Company shall be conducted or in relation to any other matter arising in the course of such management.
(3) Any person, who on the appointed day has in his possession or under his control any books, documents or other papers relating to the undertakings of the Company which have vested in the State Government or in any existing, or new, Government company and which belong to the Company, or would have so belonged if the undertakings of the Company had not vested in the State Government or the existing, or new, Government company, shall be liable to account for the said books, documents or other papers to the State Government or the existing, or new, Government company, as the case may be, and shall deliver them up to the State Government or the existing, or new, Government company or to such person or body of persons as the State Government or such Government company may specify in this behalf.
(4) The State Government or the existing, or new, Government company may take, or cause to be taken, all necessary steps for securing possession of all undertakings which have vested in the State Government or the existing, or new, Government company under this Act.
(5) The Company shall, within such period as the State Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the State Government under section 3, and, for this purpose, the State Government or the existing, or new, Government company shall afford to the Company all reasonable facilities.
211 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc.
The Saraswaty Press Limited (Acquisition and Transfer of Undertakings) Act, 1984.
[West Ben. Act (Chapter IV.—Management, etc., of the undertakings of the Company.—Section 12.—Chapter V—Provisions relating to the employees of the Company.—Section 13.)
Accounts and audit.
12. The Custodian or Custodians of the undertakings of the Company shall maintain an account of the undertakings of the Company in such form and under such conditions as may be prescribed and the provisions of the Companies Act, 1956 shall apply to the audit of the account so 1 of 1956.
maintained as they apply to the audit of the accounts of a Company.
CHAPTER V Provisions relating to the employees of the Company Employment 13. (1) Every person who has been, immediately before the appointed of certain employees day, employed in any of the undertakings of the Company shall become,— to continue.
(a) on and from the appointed day, an employee of the State Government, and
(b) where the undertakings of the Company are directed, under sub-section (1) of section 6, to vest in an existing Government company, or are transferred by virtue of the provisions of section 7, to a new Government company, an employee of such Government company on and from the date of such vesting or transfer, and shall hold office or service under the State Government or the existing, or new, Government company, as the case may be, with the same rights and previleges as to pension, gratuity and other matters as would have been admissible to him if there had been no such vesting or transfer and shall continue to do so unless and until his employment under the State Government or the existing, or new, Government company, as the case may be, is duly terminated or until his remuneration and other conditions of service are duly altered by the State Government or the existing, or new, Government company, as the case may be.
(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other person employed in the undertakings of the Company to the State Government or the existing, or new, Government company, as the case may be, shall not entitle such officer or other employee to any compensation under this Act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority.
14 of 1947.
212 The Saraswaty Press Limited (Acquisition and Transfer of Undertakings) Act, 1984.
XXXIII of 1984.]
(Chapter V.—Provisions relating to the employees of the Company.—Section 14.—Chapter VI.—Commissioner of Payments.—Sections 15, 16.)