Maruti Limited (Acquisition and Transfer of Undertakings) Act,1980
Act No : 64
Section : DUTY TO DELIVER POSSESSION OF THE UNDERTAKINGS OF THE COMPANY AND DOCUMENTS RELATING THERETO
SECTION 10: DUTY TO DELIVER POSSESSION OF THE UNDERTAKINGS OF THE COMPANY AND DOCUMENTS RELATING THERETO
(1) Notwithstanding any judgment, decree or order of any Court, tribunal or other authority or anything contained in any law for the time being in force, the Official Liquidator of the Company or any other person, in whose possession or custody or under whose control the undertakings of the Company or any part thereof may be, shall forthwith deliver possession of the undertakings of the Company or any part thereof to the Central Government, or where the undertakings of the Company are vested under section 6-in a Government company, to that Company.
(2) On the vesting of the management of the undertakings of the Company in a Government company or on the appointment of the Custodian or Custodians, the Official Liquidator of the Company or any other person who has, on the appointed day, in his posession or custody or under his control any books, documents or other papers relating to the undertakings of the Company immediately before such vesting or appointment, shall be bound to deliver the said books, documents or other papers to the Government company or the Custodian or Custodians or to such person as the Central Government or the Government company, as the case may be, may specify in this behalf.
(3) The Central Government may take or cause to be taken all necessary steps for securing possession of the undertakings which have vested in it under section 3-.
(4) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Government Company or the Custodian or Custodians, and such Government company. 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.
(5) The Custodian or Custodians shall receive from the funds of the undertakings of the Company such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
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