Esso (Acquisition of Undertakings in India) Act,1974
Act No : 4
Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF ESSO IN A GOVERNMENT COMPANY
SECTION 07: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF ESSO IN A GOVERNMENT COMPANY
(1) Notwithstanding anything Contained in sections 3-,4-and5-, the Central Government may, if it is satisfied that a Government company is willing to comply. or has complied, with such terms and conditions as that Government ittay think fit to impose direct, by notification, that the right, title and interest and the liabilities of ESSO in relation to any undertaking in India shall, instead of continuing to vest in the Central Government, vest in the Government company either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed, day) as may be specified in the notification, .
(2) Where the right, title and interest and the liabilities Of Esso in relation to its undertakings in India vest in a Government company under sub-section (1) the Government company shall, on and from the date of such vesting, be deemed to have become the owner, tenant or lessee, as the case may be, in relation to such undertaking and all the rights-and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the right and liabilities, respectively, of the Government company.
(3) The provisions of sub-section (2) of section 5-shall apply to a lease or tenancy, which vests in a Government company, as they apply to a lease or tenancy Vested in the Central] Government and reference therein to the "Central Government" shall be construed as a reference to the Government company.
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