Asian Refractories Limited (Acquisition of Undertakings) Act,1971
Act No : 65
Section : GENERAL EFFECT OF VESTING
SECTION 04: GENERAL EFFECT OF VESTING.
- (1) The undertaking of the company shall be deemed 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 the company, whether within or outside India, and all books of accounts, registers and all other documents of whatever nature relating thereto.
(2) All property included as aforesaid in the undertaking which has vested in the Central Government under section 3-shall, by force of such vesting; be freed and discharged from any trusts, obligations, mortgages, charges, liens and other incumbrances affecting it, and any attachment, injunction or any decree or order of any Court restricting the use of such property in any manner shall be deemed to have been withdrawn.
(3) If, on the appointed day, suit, appeal or other proceeding of whatever nature in relation to any business of the undertaking of the company, is pending by or against the company, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertaking of the company or of anything contained in this Act hut the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the company.
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