Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may, if in its opinion public interest so require by order in writing, declare in respect of the undertaking of any licensee that it shall vest in the State Government on the date specified therein, such date not being earlier than four months from the date of the declaration : Provided that the State Government may, from time to time, postpone such date, however that the postponed date shall not be later than one year from the originally fixed : Provided further that except with the previous approval of the Government of India, no such declaration shall be made in respect of any undertaking which, with the consent of the Government of India, raised any loan or in respect of which a guarantee has been given by the Government of India and the loan or IV part thereof it still outstanding or the guarantee it still in operation at the one of making such declaration. (2) Every order under sub-section (1) shall be served on the licensee in the prescribed manner and shall also be published in such manner as the State Government.