Bengal Immunity Company Limited (Acquisition and Transfer of Undertakings) Act,1984
Act No : 57
Section : TRANSFER OF THE UNDERTAKINGS OF THE COMPANY FROM AN EXISTING GOVERNMENT COMPANY TO A NEW GOVERNMENT COMPANY
SECTION 07: TRANSFER OF THE UNDERTAKINGS OF THE COMPANY FROM AN EXISTING GOVERNMENT COMPANY TO A NEW GOVERNMENT COMPANY
(1) Notwithstanding anything contained in section 3-,4-where the undertakings of the Company have been directed, under sub-section (1) of section 6-, to vest in an existing Government company, the Central Government may, if it is satisfied that a new Government company is willing to comply or has complied, with such terms and conditions as that Government may think fit to impose, declare, by notification, that the undertakings of the Company be transferred to that new Government company, and on the issue of such declaration, the rights, title and interest of the Company in relation to its undertakings which had been directed under sub-section (1) of section 6-to vest in that existing Government company, shall, instead of continuing to vest in that existing Government company, vest in that new Government company with effect from the date on which such declaration is made.
(2) Where the right, title and interest of the existing Government company in relation to the undertakings of the company vest under sub-section (1) in a new Government company, that new Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the existing Government company in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of that new Government company.
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