Bengal Chemical and Pharmaceutical Works Limited (Acquisition and Transfer of Undertakings) Act,1980
Act No : 58
Section : DUTY OF PERSONS IN CHARGE OF MANAGEMENT OF UNDERTAKINGS OF THE COMPANY TO DELIVER ALL ASSETS, ETC
SECTION 11: DUTY OF PERSONS IN CHARGE OF MANAGEMENT OF UNDERTAKINGS OF THE COMPANY TO DELIVER ALL ASSETS, ETC.
(1) 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 Central 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 Custodians and such Government company, or Custodian or Custodians may also, if it is considered necessary so to do 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 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 Central 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 Central Government or the existing, or new, Government company, shall be liable to account for the said books, documents or other papers to the Central Government or the existing, or new, Government company, as the case may be, and shall deliver them up to the Central Government or the existing, or new, Government company or to such person or body of persons as the Central Government or such Government company may specify in this behalf.
(4) The Central 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 Central Government or the existing, or new, Government company under this Act.
(5) The Company shall, within such period as the Central 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 Central Government under section 3-, and, for this purpose, the Central Government or the existing, or new, Government company shall afford to the Company all reasonable facilities.
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