Richardson and Cruddas Limited (Acquisition and Transfer of Under-takings) Act ,1972
Act No : 78
Section : GENERAL EFFECT OF VESTING
SECTION 04: GENERAL EFFECT OF VESTING
(1) The undertaking of the old company shall be deemed t( include all assets, rights, powers, authorities and privileges and all property, movable and immovable cash balances, reserve funds, investments and all other rights and interests in, or arising out of such property as were immediately before the appointed day in the ownership, possession, power or control of the old company in relation to the undertaking, whether within or without India, and all book account, registers (other than register of members and documents relating thereto), records and all documents of what ever nature relating thereto and shall also be deemed to include all borrowing' abilities and obligations of whatever kind then subsisting of the old company in relation to the
(2) Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, powers of attorney, grants of legal representation and other instruments of whatever nature having effect immediately before the appointed day which relate to the undertaking of the old shall be of as full force and effect in favour of the Central Government, and on the transfer of undertaking to the new company, of such new company and may be enforced or acted upon as fully effectively as if they had related to the Central Government or the new company, as the case may
(3)(a) If, on the appointed day, a proceeding instituted by the old company in relation to undertaking referred to in section 3-is pending, such proceeding may, as from that day be continue the Central Government or, on the transfer of the undertaking to the new company, by the new comp
(b) If, on the appointed day, any cause of action is existing against the old company in the undertaking referred to in section 3-, such cause of action may, as from that day, be enforced the Central Government or, on the transfer of the undertaking to the new company, against the company.
(c) Save as otherwise provided in clauses (a) and (b), no suit, proceeding or cause of action against the old company shall be continued or enforced by or against the Central Government or the company.
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