Esso (Acquisition of Undertakings in India) Act,1974
Act No : 4
Section : GENERAL EFFECT OF VESTING
SECTION 04: GENERAL EFFECT OF VESTING
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(1) The undertakings referred to in section 3-shall be deemed, save as otherwise provided in sub-section (2), to 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 Esso, in relation to its undertakings in India, and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of Esso in relation to its undertakings in India
(2) The undertakings referred to in sub-section (1) shall not include the following, namely:-
(a) any share held by Esso in the equity capital of Esso Standard or Lube India;
(b) any trade mark, and any right of Esso to use any trade mark in India, specified in the First Schedule;
(c) all patents and designs registered in India in the name of Esso.
(3) Unless otherwise expressly provided by this Act, all deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the undertakings of Esso in India, subsisting or having effect immediately before the appointed day, and to which Esso is a party or which are in favour of Esso shall be of as full force and effect against or in favour of the Central Government and may be enforced or acted upon as fully and effectually as if in the place of Esso the Central Government bad been a party thereto or as if they had been issued in favour of the Central Government.
(4) If, on the appointed day, any suit, appeal or other proceeding of whatever nature, in relation to the undertakings of Esso in India, which have been transferred to and vested in the Central Government under section 3-, is pending by or against Esso, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of Esso or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Central Government, or, where any undertaking is directed under section 7-to vest in any Government company; 2[by or against the concerned Government company].
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